Bitcoin miners are currently under substantial pressure, leading to increased coin sales. The recent halving event has reduced their revenues significantly, with transaction fees dropping from 117 Bitcoin daily to around 65. This decline, combined with Bitcoin’s price fluctuation between $69,000 and $71,000, has compelled miners to sell more coins. CryptoQuant data shows a marked uptick in transfers from mining pools to exchanges like Binance, with transfers reaching a two-month peak of over 3,000 BTC on June 9. This coincided with a price drop to $66,000. Additionally, over-the-counter (OTC) desk activity has surged, with miners selling 1,200 BTC on June 10, the highest daily volume since March. Publicly traded miners like Marathon Digital have also ramped up sales, offloading 1,400 BTC in June compared to 390 BTC in May. Despite record-high transaction volumes, the low median transaction fees underscore the financial strain on miners.
The broader impact of this selling trend is reflected in the hashrate, which has seen a modest decline from 622 EH/s to 599 EH/s. This indicates that while miner revenues have dropped by 55% to around $35 million, the competition among miners remains high. Analysts suggest that the current low revenues and high hashrate may signal a market low, potentially indicating a price bottom. This situation highlights the economic challenges miners face post-halving and underscores the importance of transaction fees in sustaining their operations.
Overall, the increased selling activity by miners is a response to the financial pressures exacerbated by the halving event and fluctuating Bitcoin prices. As miners continue to navigate these challenges, their actions will likely influence Bitcoin’s market dynamics and potentially signal future price movements.
