bitcoin miners' reserves have seen a steady decline in recent months since the halving event in April. The latest figures indicate a massive drop to three-year lows, indicating intense selling pressure of miners amid fluctuating btc prices and market volatility.
bitcoin Miner Holdings Fall to New Lows
Before bitcoin-news/bitcoin-profit-crunch-hash-price-hits-record-low-post-halving-whats-next-for-miners/” rel=”nofollow noopener” target=”_blank”>bitcoin Halving Event on April 20, market experts previous Potential challenges for bitcoin miners as block rewards halve. This prediction turns out to be true, since bitcoin-news/bitcoin-miners-sell-halvings-time-different/” rel=”nofollow noopener” target=”_blank”>btc Miner Holdings have witnessed a serious decline in recent months.
According to on-chain analysis platform CryptoQuant, bitcoin miners the reserves have btc/chart/miner-flows/miner-reserve?miner=all_miner&window=DAY&sma=0&ema=0&priceScale=log&metricScale=linear&chartStyle=line” rel=”nofollow noopener” target=”_blank”>fallen from 1.84 million btc the previous year to approximately 1.80 million btc today. This drop suggests that btc miner holdings are currently at their lowest levels since the days of bitcoin's Satoshi era, which was approximately 14 years ago.
CryptoQuant also revealed that btc miner reserves are down 50% from previous highs, indicating a increase in miners' sales volume. This selling pressure is likely induced by rising mining operating costs as investors continue to sell their bitcoin holdings to acquire better mining equipment and remain financially stable.
The cost of btcbitcoin-news/bitcoin-mining-difficulty-hits-record-high-in-halving/” rel=”nofollow noopener” target=”_blank”> mining is rising as electricity prices rise and mining rewards decline. The need for more efficient hardware has also become increasingly urgent to keep up with the bitcoin-halving-countdown-the-survival-and-preparedness-of-bitcoin-mining-industry/” rel=”nofollow noopener” target=”_blank”>Complexities associated with btc mining..
Furthermore, Bloomberg reported that btc miners can bitcoin/bitcoin-miners-lose-10-billion/” rel=”nofollow noopener” target=”_blank”>lose $10 billion in annual revenue, driven by the far-reaching effects of the bitcoin halving cycle. This pessimistic outlook is also magnified as btc mining hash rates hit 3-year lows after witnessing its biggest drop since 2021.
Excluding miners' reserves, bitcoin price witnessed bitcoin-news/bitcoin-halving-anticipating-price-impact-miner-challenges-and-long-term-outlook/” rel=”nofollow noopener” target=”_blank”>massive drops after halving event in April. At that time, its trading volume plummeted significantly, suggesting a decline in investor demand and interest in the cryptocurrency.
Currently btc appears to be steadily approaching its all-time high, bitcoin/bitcoin-price-soars-past-71000-heres-why/” rel=”nofollow noopener” target=”_blank”>surpassing the $71,000 mark earlier this week. The unexpected boost has been partly attributed to increased investor inflows into bitcoin Spot ETFs. He approval of ethereum spot ETFs It has also had a positive impact on the price of btc, indicating that investors are increasing interest in the cryptocurrency.
btc miners turn to ai
Between bitcoin/were-bitcoin-miners-behind-the-btc-price-crash-below-60000/” rel=”nofollow noopener” target=”_blank”>bitcoin miners With dwindling reserves, many are now turning to artificial intelligence (ai) as a way to generate more income. Recently Scientific corea btc mining titan, ai-Compute-Opportunity” rel=”nofollow noopener” target=”_blank”>Announced a 12-year collaboration with Core Weave, a specialized cloud provider and ai hyperscaler.
Core Scientific has revealed plans to support CoreWeave, expanding the relationship between the two companies in hopes of generating more than $3.5 million in revenue over the next 12 years.
