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Some miners have been observed selling more BTC prior to the halving event, as reported by the prominent crypto analytics platform CryptoQuant.

By late March, daily sales to OTC desks had reached 1,600 Bitcoin, the highest level since August 2023.

Furthermore, a significant decrease in transaction fees is affecting Bitcoin miner profitability as the halving approaches. Despite daily revenues hitting new peaks, miner hashprice remains 30% lower than before the last halving, implying decreased earnings per computational work.

Hashrate Surge

The recent spike in the Bitcoin network's hashrate to 600 H/s indicates rising competition among miners for rewards.

The global Bitcoin network hashrate, measured in hashes per second (H/s), demonstrates the total computational power dedicated to mining and securing the network. As the hashrate grows, it signifies a higher level of security and resistance against potential threats or interruptions.

Largest Halving Event in History

In April 2024, the Bitcoin (BTC) network is preparing for its most substantial halving event regarding the reduction in miner rewards valued in USD. This upcoming halving will reduce rewards from 6.25 to 3.125 Bitcoin (BTC) per block, potentially leading to a 3-7% drop in active miners.

The increasing adoption of Bitcoin ETFs might help alleviate selling pressure and contribute to a more stable demand for Bitcoin. ETFs offer exposure to Bitcoin's price movements for institutional and retail investors without directly holding the asset, which could have a positive impact on Bitcoin's market dynamics.