Bitcoin miners‘ revenues return to pre-halving levels

At this point, some miners are probably starting to sell some of their BTCs

While the price of Bitcoin (BTC) has been at its highest level since January 2018, cryptocurrency mining has become more profitable again thanks to a number of factors.

According to data, BTC’s mining revenues have grown dramatically, reaching uncharted territory since Bitcoin’s third halving in May 2020, which halved the block reward from BTC 12.5 to BTC 6.25.

On 4 November, BTC’s mining revenues reached $20.8 million. According to, this is the highest point since September 2019, when the block reward distributed to the miners was twice as high as today.

BTC miners‘ revenue (in USD)
Revenues (in USD) of BTC miners. Source:
One of the reasons behind the growth in miner revenue is the price of Bitcoin, which has doubled since halving in May. On 4 November, BTC reached a new high for 2020 at $15,950, gaining more than 20% in the last seven days.

The peak is also due to the parallel increase in transaction costs. As reported by Cointelegraph, Bitcoin’s commissions rose almost 200% at the end of October. As a result, the percentage of miners‘ revenue from fees increased significantly to $4.15 million or about 20% of total revenue.

As a result of the parabolic growth in yields, it seems likely that some miners will start collecting profits at this point.

According to CryptoQuant analysts, miners could start selling BTC as the Miner’s Position Index currently stands at around 4. Values above 2 indicate that most miners are selling.

Total outflows from mining pools
Total outflows from mining pools. Source: CryptoQuant
In addition, a significant peak of transactions from miner to exchange was reported when the price exceeded $15,000. However, the quantity is still relatively small compared to pre-halving outflows.

„Insurance,“ commented Ki Young Ju, CEO of CryptoQuant, on the peak outflows, suggesting that although the miners are exercising caution, most likely expect the price of Bitcoin to continue to rise.