The amount of BTC that miners have decreased to 1.92 million bitcoins

This is the smallest indicator for a ten-year period, during which a stable direction in the sale of crypto assets is recorded. The graph shows that in September 2012, miners had BTC of about 3.1 million BTC, followed by a steady sale by asset pools.

The start of the sell-off refers to 1 crypto winter (in 2013) and the formation of multiple exchanges and OTC platforms, enabling the sale of Bitcoin at a sustainable price. The regularity of periods of increase and decrease in the availability of reserves occurs simultaneously during the periods of crypto winter and halving.

The increase in the cost of BTC was positively influenced by a 2-fold decrease in rewards for miners per block. The repetitiveness of the action led to speculative profits by stimulating a production hold some time before.

Due to the technological race, created after the formation of ASIC miners, the accumulation stages did not take bitcoin to a new level. Bitmain and other similar mining hardware developers have been very successful in upgrading 60nm chips to 5nm over a decade.

The increasing demand for ASIC miners has created certain conditions for delaying delivery after payment. This obliged the farms to invest in equipment for the money, received from the sale of bitcoins. The crypto winters that formed in the market were also the reason for the sale of bitcoins to cover all operating costs.

The real historical minimum of the presence of bitcoins also fell during the period of the crypto winter. At this point, the cost of bitcoins touched the level of profitability of mining a crypto asset. If we take into account all this information, we can predict that in 2023 miners will be at the accumulation stage, and in anticipation of halving - in 2024.