Crypto Miners Still Selling Their Bitcoin as Reward Halving Looms, Blockchain Data Show
Summary
Bitcoin miners have reduced their BTC holdings to the lowest level since July 2021, with a drop of 8,426 BTC ($530 million) since the start of the year. This decline is attributed to the upcoming halving event in April, which will cut per-block revenue by 50%. Miners may be selling BTC to invest in more efficient equipment to offset reduced profitability. The prolonged dry season in southwest China, which affects mining activity, could also be a contributing factor.
