Gold Rush

Chart of the Day

BTC seems to be attempting a strong recovery from the weekend crash. As of the time of writing, the number one cryptocurrency by market cap is trading above the $37.5k resistance zone and its 100-hourly moving average. With a key breakout pattern established on the hourly chart, BTC looks well poised to break out of its immediate $38k resistance level to test the $40k barrier very soon (assuming BTC sustains its recovery momentum). In a similar fashion, ETH has inched back up to the $2,500 level, while the majority of other large-caps have also flipped green. Altcoins like MATIC and AVAX are leading the charge in this, as both have just made double-digit percentage gains in the past 24 hours. However, not everything has recovered from the weekend correction just yet. For one, on-chain datapoints reveal that BTC miner revenue and transaction fees have been severely impacted by the recent crash. The daily BTC miner revenue actually suffered a 18% drop on the back said crash, whilst the miners' transaction fees have also plummeted to its lowest levels within a 6-month timeframe. This is all in spite of the soaring on-chain BTC transaction volume. With all these being said, however, the Bitcoin mining sector can still be considered as one of the more lucrative industries around. According to BitOoda's estimates, the cost of sustaining a BTC mining operation for any given miner lies around $40 per MWh. As the BTC mined per MWh is valued at $230 (a conservative figure as this is not taking the halving into account), this translates into a very healthy net cash flow of $190 per MWh.