On January 22, 2025, Bitcoin miners are experiencing a significant recovery in revenue, with mining income surpassing the 365-day simple moving average, a historically bullish signal. The hashprice, which measures mining profitability, is currently estimated at over $62 per PH/s, marking the highest level since mid-December 2024.
This surge is largely attributed to Bitcoin's price increase, exceeding $100,000, representing a 56% rise over the past three months. Additionally, miner fees have risen to approximately 12 BTC per day, the highest in over a month, driven by increased network activity.
Despite the upcoming halving in April 2024, which will cut mining rewards in half, miners are in a better position compared to last year. The hash rate reached all-time highs, but recent declines in hash rate have coincided with Bitcoin's price increase, incentivizing miners to ramp up their operations.
According to Andre Dragosch, head of research at Bitwise, miners are well-capitalized, as evidenced by their increasing Bitcoin holdings, suggesting they are selling less than they mine daily.