- Bitcoin miner outflows recently hit a 2-year high.
- BTC miner earnings fell as the price tried to bounce back.
From Bitcoin [BTC] price has recovered lately, but miners may have missed the boat. Recent data indicated that Bitcoin (BTC) outflows from miners have surged in recent days. Can this be attributed to dropping fees and network issues?
Read Bitcoin [BTC] Price Forecast 2023-24
Increase in Bitcoin outflow from miners
Glasnode revealed an interesting development regarding the outflow of Bitcoin miners. On June 19, the chart recorded a notable spike in its seven-day moving average, reaching around 2,188.
This rise represented the highest movement seen in the past two years, with a similar peak in April 2022 at 2,185.
Another metric, the average outflow of miners on CryptoQuant, has also been on an upward trend recently. At the time of writing, miner outflows surpassed 19, indicating a significant level of Bitcoin outflows.
These findings suggested a growing tendency among miners to transfer their Bitcoins to exchanges.
Source: CryptoQuant
BTC mining difficulty and hashrate
Examining the network difficulty map Blockchain. com revealed a consistent upward trend in king coin difficulty since the start of the year. In January, the network difficulty was about 34 trillion, but at the time of writing it had passed 53.2 trillion.
Source: Blockchain.com
Furthermore, there was an increase in the total hashrate, which at the time of writing was almost 340 million. This statistic suggested that miners had higher costs when mining BTC, but it raised the question of whether their earnings reflected the same trend.
Bitcoin miners’ earnings are falling
Analysis of Bitcoin miners’ earnings statistics on Glassnode revealed a notable drop in earnings in recent times. As of June 14, miner earnings were down nearly 2%. At the time of writing, miner turnover was 3.13%.
Source: Glassnode
Given this significant drop in revenue combined with the upward trends in hashrate and difficulty, it is likely that miners are selling their Bitcoin holdings to maintain profitability.
However, if the price of BTC rises significantly, it could potentially halt this sell-off as mining revenue becomes more valuable.
How much are 1,10,100 BTC worth today?
Looking at Bitcoin’s timetable chart, it was found that it ended the weekend with a slight loss. At the time of writing, it posted modest gains of less than 1%, with a trading price of around $26,520.
Despite the recent upward move in price, BTC remained anchored in a bearish trend.