Bitcoin miners are saving a record amount

Bitcoin (BTC) miners seem to save the assets they produce for higher prices. Transfers from miners to stock exchanges have dropped by about 40 percent since mid-March.

According to on-chain data provider Glassnode, the amount of BTC miners mined from exchanges has increased since the end of March. It turned out that sales were steadily declining in February and early March.

Glassnode CTO Rafael Schultze-Kraft said data from miner’s addresses indicated that miners were making savings. He stated that the unspent supply of miners started to increase after seeing a sharp decline in January.

Unspent BTC supply. Source: Glassnode

Since February, nearly 5,000 newly generated BTC has been added to Bitcoin’s unspent supply, totaling 1 million 765 thousand Bitcoins. has been reached.

Direct transfers from miner wallets to exchanges have also dropped significantly in recent weeks. It has declined from the 30-day moving average of around 450 BTC in mid-March to 275 BTC today.

30-day moving average of BTC transfers from miner wallets to exchanges. Source: Glassnode

Schultze-Kraft reports data from Bitcoin miners as “great” commented. On April 6, the daily average of 178 exahash per second was caught, with an all-time high. Bitcoin mining difficulty has also reached record levels.

In addition, miner income in about a year 300 percent and is now reaching an all-time high, above the seven-day moving average of about $ 60 million. shared.

“Miners have no reason to go into cash right now. There is no sign of backing down in selling or saving.”

Recent analysis found that stocks of the four largest publicly traded Bitcoin mining companies increased 5,000 percent in 12 months, and spot BTC prices rose 900 percent over the same period.

Check Also

“Bitcoin bull market is not over”

Bitcoin (BTC) has also started the new week by battling the correction that started in …

Leave a Reply

Your email address will not be published. Required fields are marked *