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Some miners are increasing their BTC sales ahead of the halving event, according to leading crypto analytics platform CryptoQuant.
The daily sales to over-the-counter (OTC) desks reached 1,600 Bitcoin in late March, the highest level since August 2023.
Additionally, a notable decline in transaction fees is adding pressure to Bitcoin miner profitability as the halving approaches. Despite daily revenues reaching new highs, miner hashprice remains 30% lower than pre-last halving levels, suggesting reduced earnings per computational effort.
Hashrate soars
The recent surge in the Bitcoin network's hashrate to 600 H/s indicates increased competition among miners for the same rewards.
The global Bitcoin network hashrate, measured in hashes per second (H/s), reflects the total computational power dedicated to mining and securing the network. As the network's hashrate increases, it indicates a higher level of security and resilience against potential attacks or disruptions.
Biggest halving event in history
In April 2024, the Bitcoin (BTC) network is gearing up for its most significant halving event in terms of the USD-denominated reduction of miner rewards. This halving will see rewards drop from 6.25 to 3.125 Bitcoin (BTC) per block, potentially leading to a 3-7% reduction in active miners.
The ongoing adoption of Bitcoin exchange-traded funds (ETFs) could absorb selling pressure and contribute to a more stable demand for Bitcoin. ETFs provide institutional and retail investors with exposure to Bitcoin's price movements without directly holding the underlying asset, potentially impacting Bitcoin's market structure positively.