The founder of CryptoQuant, Ki Young Ju, reported that early Bitcoin miners earned about $550 million this year by selling their BTC in the range of $62,000 to $70,000 per coin. He also published the corresponding chart on his social media page on X.
According to the latest data from CryptoQuant, an interesting trend is observed among early Bitcoin miners. The chart shows a significant increase in sales during periods of rising Bitcoin prices, which corresponds to historical patterns where miners sell their assets at high market prices to make a profit.
In recent months, Bitcoin miners' revenues have increased significantly thanks to the BTC price surge to a new all-time high of $73,000 in March 2024. Despite a slight correction, the current value of the asset remains significantly higher compared to the previous year.
Furthermore, Bitcoin's hash rate reached a record level, peaking at 676 exahashes per second (EH/s) in February 2024. This indicates that more miners are participating in securing the network ahead of the upcoming halving, which also points to high competition in the mining sector.
In preparation for the halving and following its occurrence, many miners began selling their BTC reserves to sustain their business. This strategic sale led to mining companies' wallet balances reaching a three-year low of 1.8 million BTC.
Additionally, the halving spurred miners to upgrade their equipment. Significant investments in new installations were made in the past month, with major companies spending billions of US dollars (USD).
