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Bitcoin miners appear to be holding on to their newly minted cryptos instead of selling them. Recent data revealed that direct transfers from miners to crypto exchanges have plunged by almost half since mid-March.
Data from on-chain analytics firm Glassnode revealed that the BTC balances of miners have risen since late March, a reversal from the heavy outflows from mining accounts in January, according to Cointelegraph. The firm also noted that direct transfers from miners to crypto exchange have declined by almost 40 percent since mid-March suggesting that miners might be holding on to their cryptos as they wait for higher prices.
Glassnode chief technology officer Rafael Schultze-Kraft said that there are several metrics that show miners have been accumulating Bitcoin recently. These include miner position net change, transfers from miner addresses, and unspent BTC supply.
The firm’s data revealed that unspent Bitcoin supply has been on the rise, a contrast to the massive drop in January when 15,000 BTCs moved from miner addresses. Unspent BTCs are those coins that were never transferred from a miner’s original address.
Around 5,000 newly mined BTCs were added to the unspent Bitcoin supply since February this year based on Glassnode’s data. The total unspent supply has now ballooned to 1.765 million Bitcoin.
“We saw increased outflows in the run-up to $40, but miner position change has turned back positive,” Schultze-Kraft wrote on Twitter. “In fact, the #Bitcoin unspent supply (BTC that has never left the original mining addresses), has started to increase again after a quick and sharp drop of around 15k BTC at the beginning of the year. More hodling than spending.”
The Glassnode chief technology officer also pointed out that revenues from mining rose by 300 percent in just a year. “Bitcoin miners have been making more than $50 Million per day for the past month,” he added. “Put into perspective: A year ago this number was around $12 Million – that's a 4x increase, despite the block subsidy being cut in half.”
This rise in Bitcoin mining revenues is also evident in the performance of listed mining firms in North American. According to Cointelegraph, the stocks of the four-largest publicly-traded Bitcoin mining firms rose by 5,000 percent in just 12 months.
