With the latest price decline of Bitcoin and decreasing transaction fees, miners are experiencing the worst payouts in the past year. Despite this, they are not in a rush to sell their assets.
Drop in Miner Revenues
According to data from CryptoQuant, miner revenues have hit a year low. On June 22, daily earnings fell to $34 million, the lowest in two months, impacted by decreased transaction fees and a drop in Bitcoin prices. This figure has not been seen since April 20.
Miner Selling Volume
Despite low revenues, Bitcoin transfers from miners to exchanges have decreased. Transfers peaked at 23,000 BTC in February but now stand at about 6,000 BTC. CryptoQuant indicates that miners are not selling as much as they used to, maintaining a 48% Net Unrealized Profit/Loss operating margin.
Growth Prospects for Miners
Miners have not recorded extremely high flows to exchanges since February. Furthermore, large miners have been increasing their reserves. Addresses holding between 100 BTC and 1,000 BTC have grown their collective holdings from 61,000 BTC on March 31 to 65,000 BTC currently. This suggests that there is no selling pressure at current Bitcoin price levels.
Amid low revenues and reduced sales, Bitcoin miners continue to hold their assets, which may indicate confidence in potential price growth for Bitcoin.
