Bitcoin Miners Sell Off Reserves Amid Decreased Revenue from Halving

• Bitcoin miners selling off reserves due to revenue strain post-halving event.
• Miners sent 3,000 BTC ($207M) to exchanges, causing 3% price correction.
• Large miners resort to selling BTC to offset revenue loss from halving.
• Despite revenue challenges, some mining stocks have seen positive performance.
• Bitcoin hash rate remains stable post-halving, making mining still costly.
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Summary :
Bitcoin miners have been selling off their coin reserves, reaching a two-month high of 3,000 BTC worth approximately $207 million on June 9. This has led to a 3% correction in Bitcoin's price, but the asset quickly recovered. Miners have also been selling via over-the-counter desks, with the largest daily volume since late March. The decrease in revenue for miners following the halving event in April has motivated them to take profits while they can. Despite the decreased rewards, the total hash rate for Bitcoin mining has only declined by 4%. Some publicly traded miners, like Marathon Digital, have also started selling their BTC reserves. Overall, the mining industry is still adjusting to the loss of revenue caused by the halving.

Sources :

- Decrypt