Mining Dashboard Summary 1/12/24
The performance of public miner stocks has been mixed to start 2024, but still averaging an individual gain of 33% in the last 30 days. The launch of the Bitcoin spot ETFs will provide competition to miners for investment from people looking for exposure to bitcoin. Therefore, the underlying asset should outperform miners this year.
In our general Miner Activity, we see hash rate increased 6% in the last 30 days, while hash price has gone down, meaning stress on miner operations is weakening. 30-day Revenue rose once again to $1.52 billion, up from $1.25 billion 30 days ago. Over half of this increase is appreciable to fees, totaling $320 million in the last 30 days, compared to $178 million 30 days ago. The rest of the miner revenue increase is coming from bitcoin price appreciation.
Miners’ Wallet Balance has decreased 0.68% on a 30-day rolling basis, with roughly 5,000 BTC being sold. The Puell Multiple ticked lower to 1.40 and has turned negative on the 30-day basis, meaning miner revenue is experiencing a small slow down, or consolidation.
The mempools had a massive increase to 523 MB, however, until today, fees were down. Today, the High-priority Fee skyrocketed to $19 at time of writing, but varies widely throughout the week. Lastly, the number of daily Inscriptions has dropped significantly over the past couple of weeks, down to 146,112 from 281,594 last update. Fees being paid by inscriptions have come down along with the volume.
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What are the units of "Difficulty"? E.g. how do I think about the current value of 314.38145 and how does this tie back to the trailing number of 0s in the hash of each block the miners have to find?