Miners are hoarding Bitcoin from record daily earnings

Thursday 08 April 2021, 1:54 PM AEST - 1 week ago

Bitcoin miners are stashing away their coins for higher prices, with direct transfers from miners to exchanges plummeting nearly 40% since mid-March.

Data from on-chain analytics provider Glassnode shows that miners BTC balances have been increasing since late March, following heavy outflows throughout January and consistently reduced selling during February and earlier in March.

Glassnode CTO Rafael Schultze-Kraft, notes several metrics pointing to recent miner accumulation — including flows from miner addresses, unspent BTC supply, and miner position net change.

Glassnodes data shows that unspent supply — BTC that has never been transferred from the (miners) original recipient address — has begun to rise after seeing a sharp drop in January, when 15,000 previously dormant coins were moved from mining addresses for the first time.

cc76552a-7ede-4fa6-a5a9-53943bfdd1ed.pngBTC unspent supply: Glassnode

Since February, roughly 5,000 newly minted BTC have been added to Bitcoins unspent supply, bringing the total up to 1.765 million Bitcoin.

Direct transfers from miner wallets to exchanges have also dropped substantially in recent weeks, falling from a 30-day moving average of nearly 450 BTC in mid-March to 275 BTC today.

01c4231f-e342-4289-b67b-9480f6e485ff.pngBTC transfers from miner wallets to exchanges, 30-day moving average:

Schultze-Kraft described Bitcoin mining as showing great fundamentals, noting a new all-time high for daily hash rate of 178 exahashes per second on April 6 and new record highs for Bitcoin mining difficulty.

He also shared data showing that miner revenues are up by 300% in roughly one year, pushing into new all-time highs above $50 million to cur ...

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