As the Bitcoin (BTC) price is reaching its highest levels since January 2018, Bitcoin mining is getting more profitable due to a number of factors.

According to data from Blockchain.com, BTC miner revenue has soared to levels not seen since Bitcoin's 3rd halving in May 2020, which reduced the miner block reward from 12.5 BTC to six.25 BTC.

As such, BTC miners' acquirement hit $xx.8 million on November. iv. According to Blockchain.com, this is the highest point recorded since September 2019, when the miners' block reward was twice as much equally now.

BTC miners revenue (USD). Source: Blockchain.com

A spike in BTC miner revenue levels is coming from the Bitcoin price doubling since May's halving. On Nov. 4, the price reached a new 2020 high at $fifteen,950, jumping more 20% over the by seven days.

The jump is also due to the simultaneous rise in Bitcoin transaction fees. As reported by Cointelegraph, Bitcoin transaction fees surged by nearly 200% in late Oct. As such, the percentage of BTC miner revenue from fees has significantly increased, bookkeeping for $iv.15 million or roughly 20% of total miner revenue.

Among parabolic growth in revenue, some miners are likely to start cashing out at this point.

According to analysts at CryptoQuant, some miners may be compelled to start selling BTC since the Miner's Position Index is currently at around 4. Values above ii indicate that nigh miners are selling.

Mining pool full outflows. Source: CryptoQuant

Additionally, in that location is also a noticeable fasten in transactions from miners to exchanges as the price crossed in a higher place $15,000. However, the amount is still relatively small compared to pre-halving outflow levels.

"Insurance," CryptoQuant CEO Ki Young Ju, commented on the fasten in outflows, suggesting that while miners are being cautious, most are nevertheless likely anticipating the price of Bitcoin to go higher.