May Miners Hodl 40k Fewer BTC Than Early Last Year
CryptoNewsTerminal Staff03 Jun, 2024
May Miners Hodl 40k Fewer BTC Than Early Last Year
Bitcoin (BTC) miners have seen a decrease in their BTC holdings over the past year, according to data from Glassnode. In May 2021, miners held 1.84 million BTC, but that number has since dropped to 1.8 million BTC. This decline in miner holdings implies increased selling to cover operational costs and is likely to continue post-halving as block rewards continue to shrink. Post-halving, transaction fees have accounted for 75% of miner revenue, and miners have adapted to the halving by focusing more on transaction fees. This indicates a fundamental shift in miner revenue composition, which could also influence future mining strategies.
