According to an update from CryptoQuant published on Thursday, there has been a slight increase in mining pool transfers and OTC desktop sales for BTC. Some giant publicly traded Bitcoin mining corporations have also recently reduced their holdings.
“BTC miners accelerated their sales as values fluctuated between $69,000 and $71,000. On June 9, transfers from mining pools to Binance surged, reaching a 2-month high of over 3,000 BTC. This upgrade aligns with a price correction, which caused Bitcoin to drop to $66,000,” the CryptoQuant team noted in a post on X.
The knowledge also shows an increase in OTC sales, with the most recent being an OTC table sale of 1200 BTC on June 10.
Meanwhile, major U. S. Bitcoin mining companies are currently mining in the U. S. The U. S. has been selling coins; for example, Marathon Digital (MARA) sold 1,400 BTC in June. The company sold 390 in May.
Advertising pressure from mining companies intensified as mining revenues fell.
For example, after the halving, miners’ profits reached $35 million. In March, that amount peaked at more than $78 million, a sharp drop of 55%.
“Amid low miner gains after the halving, Bitcoin transaction fees have fallen to around 65 Bitcoin, down from 117 before April 18. Despite record transactions, median transaction fees in USD remain low, highlighting the pressure on miners’ profits,” CryptoQuant team noted.
Analysts also claim that the Bitcoin network has also noticed a drop in hashrate after the halving, although it is 4%.
This means that miners are facing a tough festival amid reduced block praise and a combination of low miner profits and a high hashrate “often indicates potential market lows. “
“Since May, miners have faced underpayments, suggesting that we could possibly be close to a floor price. “
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