Miners, whose rewards were halved after the halving, have started serious sales of their BTC reserves. According to on-chain data platform CryptoQuant, miners are sending large chunks of BTC to exchanges.
On Sunday, June 9, miner sales reached 3000 BTC. While approximately $207 million worth of sales were made, this figure was the peak of the last 3 months.
“It reached the peak”
In fact, it has been mentioned many times by analysts that the big sales of miners had an impact on Bitcoin’s drop to $66,000 on Tuesday. CryptoQuant’s report included the following statements:
“Miner selling via [over-the-counter] desks has also spiked to the largest daily volume since late March, 1200 BTC sales worth $83 million were made only through platforms known as OTC.”
June sales alone were 1400 BTC
Ki Young Ju, CEO of CryptoQuant, said Marathon, one of the largest mining companies, sold a thousand Bitcoin on Monday, creating the largest daily OTC volume since March. The company report also said that Marathon Digital’s June sale was 1400 BTC.
CryptoQuant derives most of its figures from Bitcoin mining pools. Bitcoin mining companies are known to increase their revenues to a more consistent level by joining mining pools. When a block is found, the pool receives a reward, which is divided among all contributing miners according to their computational power. This, of course, allows miners to predict the rewards they will receive.
Experts attribute the sales of mining companies to the not-so-strong increase in the Bitcoin price. It is stated that miners do this when there is an opportunity to make a profit.
The recent decline in transaction fees had also caused miners’ revenues to decline further.
They were paid “very little” in May and “little” in June.
In the information sent by CryptoQuant to Decrypt from the US media, it was stated that in May, miners were able to receive payments well below the costs, while in June, this balance was slightly found. “Right now they are underpaid because the block reward has fallen more than difficulty.”
Mining difficulty also hit a record high of 88 trillion just a few days after the halving, but then started to decline. The difficulty was 83 trillion in its adjustment on June 6.