Bitcoin sales by miners begin to fall, suggesting a potential reduction in sell pressure

2024-4-23 22:58

Quick Take

The recent Bitcoin halving has brought significant changes to the mining landscape. The event, which occurs every 210,000 blocks, reduced the block rewards from 6.25 BTC to 3.125 BTC, effectively cutting miners’ revenue from block rewards by 50%.

As a result, the post-halving market conditions have become more challenging for miners.

Miner Revenue from block rewards: (Source: Glassnode)

Prior to the halving, there was a notable run-up in the hash rate, but a correction is expected as unprofitable miners unplug from the network. Currently, miners are being compensated well through elevated transaction fees, but the sustainability of this compensation remains uncertain.

Miners are among the primary entities that are “forced” to sell Bitcoin to sustain their operations. Since November 2023, miners have collectively been selling Bitcoin, peaking at over 6,000 BTC distributed within a 30-day period in December 2023.

However, the distribution trend is dwindling, with the latest 30-day period seeing the smallest amount of selling, with approximately 1,300 BTC offloaded.

Miner monthly balance change: (Source: Glassnode)

As weak and unprofitable miners are purged from the network, the strongest miners survive, and the network consolidates. Miners may not need to sell their mined Bitcoin as much moving forward, potentially reducing selling pressure on the market.

The post Bitcoin sales by miners begin to fall, suggesting a potential reduction in sell pressure appeared first on CryptoSlate.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 62492.51 (+0.02%)
Объем 24H $25.249b
Изменеия 24h: -0.90 %, 7d: 6.49 %
Cегодня L: $62021.96 - H: $63112.23
Капитализация $1230.822b Rank 1
Цена в час новости $ 67047.11 (-6.79%)

bitcoin rewards block miners btc blocks every

Источник: cryptoslate.com

bitcoin rewards → Результатов: 126


Circle Invest Launches a Crypto Rewards App Program in a Bid to Attract New Bitcoin Customers

In a Bid to Attract New Customers, Circle Invest Launches a Crypto Rewards Program As per a fresh new blog post on the official Circle Invest website, the firm has just announced the launch of its ’new rewards program’ that aims to attract more investors to the company’s native investment platform. NEWS: Make your first […]

2018-11-13 17:58


Фото:

Federal Election Committee Asked to Consider Crypto Mining for Political Contributions

OsiaNetwork LLC has reached out to the Federal Election Committee (FEC) in the hopes that it will allow computer sharing for crypto mining for campaign donations. Osia says it would like to be the platform in which volunteers share their computer power to mine cryptocurrencies, which are then donated to political campaigns of their choice.

2018-10-5 23:57


Фото:

DevCon 4 Will Set the Stage for Ethereum’s Next Milestone: Constantinople

Ethereum is embracing the Constantinople milestone at the end of November 2018, after DevCon4 in Prague. Constantinople is the latest Ethereum release, introduced through a hard fork, that will include five Ethereum Improvement Proposals (EIPs):Bitwise shifting instructions (EIP 145) in the Ethereum Virtual Machine (EVM) allow for direct manipulation of bytes on the EVM layer.

2018-9-11 18:15


Фото:

Here’s Why Genesis Mining Might Have Just Booted You Off Their Platform

Genesis Mining is a popular cloud based Bitcoin mining platform that lets users mine for Bitcoin. Each user is placed on a contract, through which they are allocated provisions in order to be able to mine through the platform, differing platforms offer differing rewards but of course, the bigger the reward the more expensive the contract, therefore, Genesis Mining have had to make some cut backs in order to ensure that those on the big contracts still have access to the service, as a result of the collapsing value of Bitcoin.

2018-8-17 08:00


Фото:

Social Video App Cheez Now Offering Cryptocurrency Rewards

Social video app Cheez announced recently that it will soon be integrated with Bitcoin and Ethereum rewards for users. Some, however, are skeptical of the reward cap and centralization. Bringing Cryptocurrency To The Masses Cheez, a social video sharing app designed by its Chinese parent company LiveMe, is taking a dive into the world of cryptocurrency by integrating a system that will reward its users with Bitcoin, Ethereum, and a native Ethereum based ERC20 token.

2018-8-10 10:00


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Shiba Inu Owners, Beware: Impersonators Are Targeting Your Pack!

The booming Shiba Inu (SHIB) community faces a growing threat: imposters posing as prominent developers on social media platforms like Telegram. Shibarmy Scam Alerts, a watchful community group, recently exposed this deceptive tactic, urging investors to exercise caution in the face of these digital wolves in sheep’s clothing.

Shiba Inu Sees Significant Dip Amid Market Turbulence

Shiba Inu, the second-largest memecoin in the cryptocurrency market, has encountered a notable downturn in recent hours, witnessing a 6% decline in its value today. According to data from Spotonchain, a collective of eleven wallets, likely representing a single whale investor, collectively offloaded 533.

Shiba Inu Price Takes A Dip Amid Other Market Volatility

Shiba Inu, the second-largest memecoin commanding a market capitalization of approximately $20 billion, has experienced a notable 17% decline in price since yesterday. This sudden downturn comes after a period of strong performance, signaling a potential return to the hiking zone.

Pepe Coin Surges 240% In A Week Amid Profit-Taking By Whales

Pepe, the rising star among meme coins, has experienced an impressive surge in value, climbing over 240% in the past week and 7% in the last 24 hours, with its current trading price at $0.00000767. On-chain reports reveal significant profit-taking activity by five wallets, likely controlled by a single entity, […]