Bitcoin miners began selling off their coin reserves after nearly two months of revenue shortfalls since the fourth ‘halving’ event.
In a recent report, on-chain analytics platform CryptoQuant said miners have been massively depositing their BTC on exchanges, reaching a two-month high of 3,000 BTC — or about $207 million. — on June 9.
This led to a 3% drop in Bitcoin price to $66,000 on Tuesday, although the asset recovered quite quickly this morning.
“Daily sales through OTC exchanges by miners also spiked to their highest level since late March,” the report added. On Monday, miners sold 1,200 BTC for about $83 million via OTC.
This is their largest daily sale volume since the 1,600 BTC sell-off at the end of March.
Marathon Digital, the largest#Bitcoinminer, sold 1K $BTC yesterday, likely to cover expenses, marking the highest daily OTC trading volume since late March.
CryptoQuant's figures are based on transactions from Bitcoin mining pools, where most major miners participate to keep their revenues more stable.
Some of these sales may have been driven by the slow rise in Bitcoin prices since April, urging miners to profit while they can.
However, miners' business has also become more difficult. With fixed BTC block rewards dropping 50% to 3,125 BTC in April, and network fees remaining relatively low, the industry has faced a major decline in revenue.
Although experts have claimed that the big players can cope with the transition, even some publicly listed miners have started selling. For example, the report notes that Marathon Digital (MARA) has sold 1400 BTC so far in June, representing 8% of its total reserves before the sale, and up from 390 BTC throughout May.
Due to the halving, CryptoQuant data shows that Bitcoin miners were “extremely undercompensated” in May, and only returned to “reasonably compensated” levels in June.
“We calculate miner over- and under-compensation by comparing the 30-day percentage change in the block reward value in US dollars to the 30-day percentage change in the difficult to exploit,” CryptoQuant wrote in a message to Decrypt. “They are currently underpaid because the block reward has decreased more than the mining difficulty.”
Since the halving, Bitcoin's total hash rate has decreased by only 4%, meaning that mining a Bitcoin block remains nearly as difficult and expensive as it was before the halving.
Despite the headwinds, many mining stocks have performed well since the halving, with the Valkyrie Bitcoin Miner ETF (WGMI) up 33% since then.
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