Bitcoin Miners Reduce Coin Stashes Ahead of Halving and Dry Season in China
The number of bitcoin held by crypto miners has decreased by 8,426 this year, with the decline starting in October. This may be due to the upcoming reward halving and the dry season in China, which could be causing miners to use their stored BTC to buy more efficient equipment to reduce running costs. The estimated number of BTC held in wallets tied to miners has dropped to the lowest since mid-2021, according to data from Glassnode. The halving, which is expected to reduce revenues and boost production costs, is seen as a stress test for miners and could lead to industry consolidation. China accounts for roughly 20% of the total computing power on the Bitcoin network, and miners in some Chinese regions may sell during the dry season to counteract the inactivity of mining hardware.
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