Crypto Miners Run Down Bitcoin Inventory to 3-Year Low in a Strategic Pre-Halving Move
Summary
Bitcoin miners are depleting their coin stashes ahead of the upcoming halving of per-block rewards on April 20. The number of bitcoins held by miners has declined to 1.794 million BTC, the lowest since early 2021. This contrasts with the steady accumulation leading up to the previous halving in May 2020. The recent rally in bitcoin's price has allowed miners to take profits at higher prices and fund equipment upgrades to prepare for the reduced rewards rate. This strategic move is reflected in the rise in the hashrate, indicating a positive future outlook and a shift toward long-term operational resilience.
