2024

Bitcoin

April

Daily

Bitcoin miners have significantly ramped up their selling activities as Bitcoin prices fluctuated between $69,000 and $71,000. On June 9th, transfers from mining pools to Binance surged, reaching a two-month peak of over 3,000 BTC. This surge coincided with a price correction that dropped Bitcoin to $66,000, according to <a href="https://x.com/cryptoquant_com/status/1801259448767513027" rel="noopener noreferrer nofollow">Cryptoquant</a>.
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The selling trend extended to over-the-counter (OTC) desks, which saw the largest daily volume since late March. On June 10th, miners sold 1,200 BTC through OTC desks, marking the highest daily volume in over two months.
Major U.S. Bitcoin firms also increased their sell-offs. <a href="https://ultramining.com/news/en/marathon-digital-to-boost-energy-efficiency-with-s19-xp-miners/" rel="noopener noreferrer nofollow">Marathon</a> Digital (MARA) notably offloaded 1,400 BTC in June, a significant rise from just 390 BTC in May. This sale represented 8% of their total holdings prior to the transaction.
The increased selling activity is driven by a sharp decline in daily Bitcoin miner revenues post-<a href="https://ultramining.com/news/en/heat-waves-and-halving-bitcoin-miners-cash-in-amid-rising-prices/" rel="noopener noreferrer nofollow">halving</a>. Daily revenues have plummeted to approximately $35 million, a 55% drop from the 2024 peak of $78 million in March. This reduction in income has put pressure on miners to liquidate more of their holdings.
Additionally, daily Bitcoin transaction fees have dropped to around 65 BTC from 117 BTC before April 18th. Despite record-high transaction volumes, median transaction fees in USD remain low, exacerbating the income pressure on miners.
The Bitcoin network <a href="https://ultramining.com/news/en/impending-bitcoin-halving-may-trigger-major-hashrate-decline-say-experts/" rel="noopener noreferrer nofollow">hashrate</a> has dipped slightly by 4%, from 622 EH/s to 599 EH/s post-halving. This modest decline leaves miners facing stiff competition due to the relatively high hashrate, amplifying the challenge as they compete for reduced block rewards.
Periods of low miner revenues and high hashrate often indicate potential market lows. Since May, miners have faced significant underpayment, suggesting the possibility of nearing a price bottom for Bitcoin.

Bitcoin Miners Increase Sell-Off Amid Price Fluctuations and Revenue Decline

Ultramining_Eng

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