Miners' Bitcoin Holdings Hit 12-Year Low, Halving Anticipation Drives Sales

Miners' Bitcoin Holdings Hit 12-Year Low, Halving Anticipation Drives Sales

Bitcoin miners are holding the lowest amount of BTC in 12 years, according to data from IntoTheBlock. Miners have reportedly been selling their BTC in anticipation of the halving. The halving is an event that occurs roughly every four years and reduces the number of new BTC released into circulation. The next halving is expected to occur on April 20, 2024. Experts believe that the sale of BTC by miners is likely driven by their need to cover costs. Mining is an energy-intensive process that requires significant hardware and electricity. The declining price of BTC has made it increasingly difficult for miners to turn a profit. The halving is anticipated to have a positive impact on the price of BTC in the long run. The reduction in supply could cause the price to increase. However, it is important to note that the market is volatile and it is difficult to predict with certainty how the halving will affect the price of BTC. Previously on April 19, 2024, IntoTheBlock reported that miners' BTC holdings were at their lowest in 12 years. It was estimated that miners were net sellers of their holdings due to the halving. The halving block, which is block height 840,000, is estimated to be reached on April 20, 09:22 AM KST.