Bitcoin Miners' Historic 30K BTC Sell-Off
Bitcoin Miners' Historic 30K BTC Sell-Off
The Vatican Library Turns To Blockchain For Manuscript Preservation, Ethereum Gas Fees At Record Lows
30,000 Bitcoins worth around $2 billion have been sold by Bitcoin miners in June alone - the fastest pace in a year ever. Reported by IntoTheBlock.
At the start of June, miner reserves were stood at over 1.94M BTC, and now are at around 1.91M BTC. This includes the reseves of large and prominent pools Viabtc, Antpool, Binance, Bitfury, Bixin, and Poolin.
The Bitcoin reserves of miners have hit the the lowest level in over 14 years.
One of the main drivers of the sell-off is the even further reduced miner revenue following the recent Bitcoin halving event.
The halving on April 20 dropped the mining rewards from 6.25 BTC to 3.125 BTC.
The rapid selling is very uncommon, as miners are relatively known to sell their reserves rather slowly.
This development comes during (and adds to) Bitcoin's still-ongoing price decline, dragging altcoins behind.
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