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<a href="https://en.coin-turk.com/potential-resurgence-of-monetary-expansion-could-fuel-bitcoin-and-crypto-market/”>Bitcoin‘s (BTC) price reached $38,000, the highest level in the past 18 months, recording over 100% increase since the beginning of the year. Following this volatility in price, Bitcoin miners took an impressive step. Miners converted approximately $164 million into cash by selling a total of 5,492 BTC they produced. This amount represents a figure that exceeds the amount of BTC they receive per mined block, indicating that they continued their selling strategies during the rally.
Increased Strategic BTC Sales by Miners
Leading miners such as Marathon Digital Holdings and Core Scientific, who were affected by the significant rally of Bitcoin, chose a strategic liquidation route. Data from MinerMag for October shows that the liquidation/production ratio of BTC miners was 105%.
This situation means that miners not only sold the BTC they obtained per mined block throughout the month but also put their BTC reserves up for sale. This approach shows a significant increase compared to the liquidation/production ratios of 64%, 77%, and 77% in previous months, respectively.
In addition, amid last year’s market crash and rising energy costs, the ratio reached 390% in June, revealing the volatile nature of the crypto economy. The figures for October indicate that miners have seized the moment by taking advantage of the price increase.
Preparing for Bitcoin’s Halving Event
Alongside all of this, the selling trend among Bitcoin miners indicates more than just benefiting from price increases. Miners are preparing for a significant change due to the upcoming block reward halving event in the Bitcoin network. The block reward halving of Bitcoin is a readjustment that takes place every four years, designed to maintain BTC scarcity.
CEO of Barefoot Mining, Bob Burnett, predicts a 52.2% decrease in miner rewards after the block reward halving. Burnett, while maintaining his optimism, added that increased transaction fees could revive the industry and daily Bitcoin production could exceed 900 BTC by 2027. All of these factors indicate that miners are currently making sales and preparing financially for the expected decrease in income.
