Driven by increased demand for Bitcoin (BTC) block space fueled by Ordinals inscriptions and the PEPE-fueled BRC-20 memecoin mania, miners are benefiting from a sudden boom in transaction fees, raising their bottom lines significantly. Recent data from Glassnode reveals a revenue increase for miners in May, with fee revenue surpassing subsidies for only the fifth time in Bitcoin’s history and a staggering $41.16 million in daily revenue generated by miners on May 8. The short interest percentages on Riot Platforms and Marathon Digital Holdings remain high, suggesting skepticism among Wall Street and the legacy financial sector. However, technical analysis offers a contrarian perspective on the potential for further upside from here in miner stocks.
Ripe for the squeeze? Bitcoin mining stocks remain under attack from short sellers
