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Many data show that Bitcoin miners’ withdrawal transactions have decreased by almost 90% since the halving event. In a post published by Quicktake on June 28, the blockchain data analysis platform CryptoQuant suggested that miner selling pressure has weakened. Bitcoin miners spent several months adapting to the new economic reality after the halving in April, which reduced the reward per block by 50%.
What Is Happening on the Bitcoin Front?
Network fundamentals reflect an adjustment that has occurred since then, with both the hash rate and mining difficulty dropping from all-time highs. CryptoQuant contributor Crypto Dan shared the following statements on the subject:
“After the Bitcoin halving event, mining rewards were halved, and therefore, older model mining machines were no longer cost-effective. As a result, mining activity decreased, and miners began selling Bitcoin in OTC transactions to cover mining operation costs.”
The hash rate actually reflects a capitulation situation among miners according to the popular Hash Ribbons data; the 30-day moving average hash rate is below its 60-day equivalent. While this is traditionally considered a buy signal by Bitcoin investors, Crypto Dan sees the process as already concluded:
“It can be seen that the current market is in the process of absorbing these sales, and fortunately, the amount and number of Bitcoin sent from miners’ wallets have recently been rapidly decreasing.”
The mentioned CryptoQuant data show that the highest number of withdrawals from known miner wallets reached over 53,000 on April 10, nine days before the halving event. Since then, this number has dropped by 85% to around 8,000 as of June 27.
Notable Statement from a Famous Figure
As reported, the falling hash price led to a decrease in profit margins for small-scale miners. Between June 8 and June 24 alone, the hash price, reflecting the expected revenue per exahash, dropped by 50%.
Data from the data analysis source Hashrate Index shows the hash price at $0.048 as of June 28. Bitcoin-focused economist and mining expert Jan Wuestenfeld shared the following statements on the subject via X:
“The drop in Bitcoin hash price has recently put less efficient miners under pressure. Since the halving event, the hashrate has started to fall, but the current price correction further reduces miners’ revenues.”
