Leading cryptocurrency Bitcoin While it is running towards a record step by step, it is currently at the level of 62,500 dollars. at this point BTC While it has increased by approximately 12% in the last two days, expectations are focused on a further increase.
While BTC rose from $ 50,000 to over $ 64,000 in a short time, miners also accelerated their BTC sales.
According to data from Galssnode, the number of BTC held in wallets connected to Bitcoin miners has fallen to the lowest level since mid-2021.
At this point, Glassnode data shows that the estimated number of BTC held in wallets connected to miners has dropped by 8,426 BTC ($530 million) since the beginning of the year, to 1,812,482 BTC.
The decline in the number of BTC started in the second half of October 2023, when miners held 1.83 million BTC.
Commenting on this decrease in the number of BTC, Toronto-based cryptocurrency platform FRNT Financial, He said that miners can use the proceeds from the BTC sale to purchase more efficient equipment to increase their post-halving profitability and thus reduce operating costs.
FRNT Financial said in a news release sent to Coindesk:
“Bitcoin miners may be tempted to sell to gain a better position before the halving.
At this point, miners may be selling BTC to buy more efficient mining equipment due to the new economic model that the halving will bring.
Apart from purchasing equipment, they may sell BTC because they cannot produce Bitcoin during the long dry season in southwestern China, which generally extends from October to March/April.”
*This is not investment advice.
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