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Miners' Bitcoin Holdings Hit Lowest Level in 12 Years

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Fri, 19/04/2024 - 17:57
Miners' Bitcoin Holdings Hit Lowest Level in 12 Years
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According to cryptocurrency analytics platform IntoTheBlock, miners' Bitcoin holdings have dropped to a 12-year low ahead of the upcoming halving event.

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The reserves of major mining pools, which include such major names as Viabtc, Bitfury, Poolin, Antpool, Binance, currently stand at 1.92 million BTC, according to IntoTheBlock. 

There has been a 52% increase in miner outflows over the last 90 days. 

Currently, the hashrate stands at 624 EH/s after peaking at 714.89 EH/s on March 24. 

There could be a drop in Bitcoin hashrate following the halving event since some less efficient miners could be caught off guard by the overnight block reduction. After the previous miners, miners were able to recover due to post-halving price spikes. 

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However, this halving cycle is different given that Bitcoin reached a new all-time high before the block reward reduction due to excitement surrounding the launch of Bitcoin ETFs. The rally probably prompted some miners to secure some liquidity ahead of the halving.  

Last week, miners earned $445 million worth of rewards, but that amount will be halved overnight. Bitcoin miners are expected to lose a staggering $10 billion due to the halving.  

As reported by U.Today, CleanSpark (CLSK) and Riot Platforms (RIOT) are the miners that are expected to outperform after this halving. For comparison, miners got only $11 million from transaction fees.  

During Bitcoin's early days, mining rewards accounted for virtually all of Bitcoin's on-chain volume. However, their share dropped below 1% following the first halving in 2012. As of now, miner rewards account for an infinitesimal 0.08% of the total on-chain volume, and that share is expected to further drop tomorrow.   

The halving, which will reduce the block reward to 3.125 BTC, is going to take place just hours from now. 

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