Kaiko Data: Bitcoin miners' income has significantly declined, they may sell BTC to sustain operations
The latest data from encryption research and analysis company Kaiko shows that as Bitcoin mining profits and transaction fees decrease, miners are facing significant selling pressure. The income of Bitcoin miners mainly comes from two aspects: mining rewards and transaction fees. However, affected by the halving of Bitcoin rewards in April (block rewards reduced from 6.25 BTC to 3.125 BTC), miners have to sell Bitcoins to pay for costs. Kaiko researchers pointed out in the report that halving events usually prompt miners to sell BTC because the mining process requires a lot of expenditure. In addition, another source of income for miners, transaction fees, is also on a downward trend. Data from the first week of May shows that the profit obtained by miners from transaction fees is lower than mining revenue.
Analysts believe that under current market liquidity conditions, miner's bitcoin sales could have a significant impact on the crypto market. Take Marathon Digital as an example; this company holds $1 billion worth of bitcoins - even if it sells only a small portion it would be enough to trigger severe market fluctuations.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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