The cryptocurrency economy has been higher in value than ever before as bitcoin has touched an always-high price at $ 24,298 per unit. Regardless of always price peaks, the world’s bitcoin miners are not spending more bitcoin than usual according to onchain statistics. Bitcoin miner outflow has been higher during the bull run but also below the 2019 peak.
Speculators assume that when the price of bitcoin (BTC) rises, bitcoin mining operations will sell more coins. However, while BTC has always touched a new high (ATH), miners are not selling more bitcoin than usual according to data from onchain charter websites like Cryptoquant and Glassnode. On December 22, onchain researchers from Glassnode explained how miners are not spending more than usual during the ATH.
“Despite the recent rally, Bitcoin miners are not spending more BTC than usual,” Glassnode said on Tuesday. “The Miner Outflow Multiplier, which shows when the BTC miner’s outflow is high at its historical average, is far from its previous peak and even below the 2019 local peak.”
Since the halving and bull run that followed a few months later, bitcoin miners have been benefiting a lot. Before halving, it was estimated that miners needed BTC prices to be around $ 12,500 to balance the budget on pre-halving revenue.
The overall hashrate is very high at 139 exahash per second (EH / s) as 14 mining operations are a hashrate point in the BTC chain. With prices above the $ 23k handle, bitcoin miners and even older generation mining rigs like the S9 are seeing significant profits.
At the time of publication, 18,579,969 BTCs were in circulation today and so far that’s 88.48% of the 21 million supply cap. BTC inflation for the year has dropped significantly to 1.78% after holding a rate of above 3.6% before halving May.
On average $ 20,961,900 (at today’s exchange rates) of BTC is issued by miners each day on 144 blocks a day. Yesterday 147 BTC blocks were discovered and 2,037 blocks were discovered in the last two weeks at 6 blocks per hour.
While BTC coinbase awards have a two-week average of $ 146,046 per block, the average aggregate number of fees per block is 0.81 BTC or $ 18,837. Glassnode’s onchain stats show that entities have been holding coins longer, according to the “significant hodl ratio” over the past seven days.
In addition to data from Glassnode, miners’ outflow stats from Cryptoquant indicate that sales of bitcoin miners have not increased much with such high BTC prices. Cryptoquant tracks data from major BTC mining mines such as Antpool, Poolin, Btc.com, F2pool, Viabtc, Slush, Dpool, Bytepool, and others alongside the smaller unknown mining pits as well.
What do you think of miners holding onto their newly mined bitcoins? Let us know what you think of this topic in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Glassnode,
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, nor a recommendation or endorsement of any products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use or reliance on any content, goods or services mentioned in this article.