Bitcoin miners (BTC) are straining their currencies in search of higher rates, with direct remittances from miners to exchanges falling by nearly 40% since mid-March.
Data from network analysis provider Glassnode shows that BTC stocks have increased since the end of March, after strong volatility during January and a sequential decline in sales in February and earlier in March.
Glassnode’s chief technology officer, Raphael Scholes-Kraft, noted several accounts indicating the recent congestion of miners, including flows from mining addresses, unused Bitcoin supplies, and the net change in the mining situation.
Glassnode data shows that unused stock – BTC that was never moved from original (my) recipient’s address – began to rally after a steep drop in January when 15,000 previously dormant coins were moved from mining addresses.
Unused BTC Stock: Glass Knot
Since February, around 5,000 newly grounded Bitcoins have been added to the unused Bitcoin offering, for a total of 1.765 million Bitcoins.
Direct transfers from miners to exchanges have also decreased significantly in recent weeks, dropping from a 30-day moving average of around 450 BTC in mid-March to 275 BTC today.
Scholes-Craft described Bitcoin mining as a “big fundamentals”, setting an all-time high for a daily hash rate of 178 exahs per second on Tuesday and new Bitcoin mining records.
He also shared data showing that mining revenues are increasing by about 300% in about a year, reaching new heights exceeding $ 50 million and at the present time with a seven-day moving average of nearly $ 60 million.
“The miners do not have much incentive to make money at the moment,” he concluded, adding that “sales or surrender [on the horizon]”.
The apparent boom of Bitcoin miners can be seen in the dynamics of listed mining stocks in North America: A recent analysis showed that shares of the four largest listed Bitcoin miners rose 5,000% in 12 months, and spot Bitcoin prices rose 900% over the same period.