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Bitcoin Miners Reserves Plunge to 12-Year Low as BTC Halving Approaches

Bitcoin miners reserves plummet to a 12-year low as the BTC halving event approaches, cutting potential earnings by half.
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Bitcoin Miners Reserves Plunge to 12-Year Low as BTC Halving Approaches

Highlights

  • Bitcoin reserves held by miners have dropped to a 12-year low at 1.92 million BTC as the market anticipates the next halving event.
  • Notable mining pools such as Viabtc, Bitfury, and Antpool have witnessed a 52% increase in Bitcoin outflows in recent months.
  • The upcoming halving is expected to slash miners' earnings from block rewards in half, which could result in an estimated $10 billion loss for miners.

Per data provided by IntoTheBlock, bitcoin reserves held by miners have considerably decreased. These reserves are standing at their lowest level in the past 12 years as the market eagerly awaits the upcoming Bitcoin halving event. Currently, 1.92 million BTC are held by leading mining pools represented by Viabtc, Bitfury, and Antpool. In the same period, the reserve has been falling, and miner outflows have grown by 52%.

The Bitcoin network hashrate globally is currently lower than it used to be. It is currently at a level of 624 EH/s, having previously been at a maximum of 714.89 EH/s on March 24. Analysts believe that this will make the drop even more crucial. This is especially so for the problems that less mining efficiency operations will be likely to deal with when the block reward reduces.

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Impact of the Halving on Bitcoin Miners’ Earnings

The scheduled Bitcoin halving will cut rewards in half, and this past week will amount to $445 million. As a result, miners’ profit from block rewards will be affected, having a considerable decrease. Experts predict a loss of about $10 billion for miners will occur with the change. Looking back to historical instances, we see that periods after halving normally entail price surges that often help restoration. However, this particular bull course does not use regular mechanisms, namely a pre-halving rise that may have been caused by Bitcoin ETF launches and may, therefore, produce different results.

Transaction fees, which used to be miners’ main revenue stream, are now part of their income share. In this case, transaction fees contributed only $11 million, and block rewards contributed the bulk of earnings. The proportion of on-chain miner rewards fell to an all-time low of 0.08% and is forecasted to dip further from the onset of halving.

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Miners Transfer $1 Billion Post-ETF Approval

Among them, some of the factors that have led to the current market dynamics are numerous. The approval of spot Bitcoins ETFs has maximized the market sale, forcing miners to shrink their reserves and increase prices. Supposedly, the miners who hold about $1 billion transferred them to the exchanges after the ETF approvals. This shows that it is the organization’s strategic plan to mitigate the potential effects on their liquidity post-halving.

Additionally, Coingape noted a decrease in Bitcoin inflows to centralized exchanges from miners, which fell to 374 BTC last month from 1,388 BTC the previous month. This reduction may suggest a cautious approach by miners, aiming to hold onto their assets in expectation of future price increases.

Read Also: Coin Center Asserts Stablecoin Bill Threatens Free Speech Rights

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Maxwell Mutuma

Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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