Bitcoin Adoption Soars: Good News for Miners?
• Bitcoin’s adoption has been steadily growing as the number of new addresses on the network hit a 3-month high.
• This could be good news for miners, who have faced reduced earnings and rising expenditures lately.
• Daily transaction counts have cooled off and miners have been moving their holdings to exchanges over the last month.
Growing Adoption Signals Good News for Miners
Bitcoin’s increasing adoption could be good news for miners, who are dealing with reduced earnings and rising expenditures.
Number of New Addresses Hits 3-Month High
The number of new addresses on Bitcoin hit a 3-month high. BTC miners have steadily moved their holdings to exchanges over the last month.
Price Stagnation Disappoints Bullish & Bearish Forces
After an impressive start, which saw yearly highs getting touched, Bitcoin [BTC] has been stuck in the $30,000-$31,000 region over the past few weeks. The lack of volatility has disappointed the bullish and bearish forces of the market who are now waiting for a decisive move in either direction.
Increasing Adoption Could Be Positive For Miners
Bitcoin’s increasing adoption could be good news for battered BTC miners, who were dealing with reduced earnings and rising expenditures at the time of writing. More addresses could lead to a greater number of on-chain transactions which would give them more fees to mop up revenue.