Bitcoin
Bitcoin miner balances fall below 1.81 million BTC, lowest in post-halving years
Highlights in the chain
DEFINITION: Balances in miners’ wallets are the total supply held at miners’ addresses.
Bitcoin miner balances have shown significant changes in recent months. The balance in miners’ wallets has seen a steady decline since late 2023, reaching levels not seen in years, reflecting miners’ responses to Bitcoin’s recent halving in April 2024.
Balance in miner wallets: (Source: Glassnode)
According to data from Glassnode, miners’ balances fell from around 1.84 million BTC in early 2023 to close to 1.8 million BTC in May 2024. This reduction is indicative of increased sales by miners. miners to cover operational costs, likely exacerbated by reduced block rewards. post-halving.
CryptoSlate reported that transaction fees increased after the halving, constituting up to 75% of miners’ revenue as miners adapt to lower block rewards by relying more on transaction fees. This shift illustrates a fundamental shift in miners’ revenue streams and could influence their future strategies.
Overall, the evolving dynamics in miner balances and revenue composition reflect the broader impacts of the Bitcoin halving, forcing miners to adapt their strategies to sustain profitability in a changing economic environment.
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