The trend indicates a shift among miners from accumulation to sales, which usually occurs during periods of rising cryptocurrency prices. According to Bitfinex, miners began accumulating Bitcoin in mid-2023, when prices and profitability were much lower. Currently, the price of BTC is just over $42,000.
Miner reserves are estimated at 1.83 million coins ($78 billion). This is a significant reserve that may affect the future rate of the first cryptocurrency. Over the past year, miner reserves have decreased by 22,800 BTC, according to CryptoQuant. However, the overall reserve ratio has remained relatively stable since the start of 2021.
The day before, Bitcoin's hashrate fell by 35%. This is due to the shutdown of mining equipment in the US state of Texas – frosts lead to too much increase in energy consumption. Back on January 13, the network hashrate of the first cryptocurrency reached 670 EH/s, but by the middle of the week it dropped to 402 EH/s.
Investment firm CoinShares has released a new report on Bitcoin mining, predicting an increase in the average cost of mining one BTC after the halving. The company claims that the average cost of producing one Bitcoin will be $37,856, and if the price of BTC falls below $40,000, then only a small group of miners will remain afloat.
Source: Bits
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