In June, miners recorded a large sale of bitcoins: reserves at their lowest levels in the past 14 years.
Bitcoin miners sold over 30,000 bitcoins in June, marking the fastest selling pace of 2024. This sale has brought miners’ reserves to their lowest level in the past 14 years. The primary reason for the liquidation is attributed to reduced profits following the Bitcoin halving, which cut mining rewards from 6.25 to 3.125 bitcoins.
According to the onchain analytics site IntoTheBlock, miners have liquidated approximately $2 billion worth of bitcoin since the beginning of June.
The report highlighted that miners’ reserves, which were over 1.94 million bitcoins at the beginning of the month, have fallen below 1.91 million bitcoins at the current moment. The main mining pools involved in the sale are Poolin, Viabtc, Antpool, Binance, Bitfury, and Bixin.
