Onchain data shows that bitcoin miners are hoarding despite the 50% loss in revenue that started on May 11, during the third reward halving. The seven-day average of bitcoin miners’ outflow volume and mining funds sent to exchanges remains significantly low.
Roughly four weeks ago on June 19, the total amount of BTC transferred out of miners’ addresses saw a significant low not seen in over a decade. At the time, miners transferred 987 BTC that day, but six days later on June 25, miners sent nearly 3,000 bitcoin (2,650 BTC sent to Bitfinex) to exchanges that day.
Despite that specific movement on June 25, onchain data suggests ever since then miners have been seemingly hoarding coins.
Miner selling continues to remain at historical lows even though the reward halving took away half the revenue from operations. At the same time, the BTC hashrate is seeing all-time highs as well as the network is hovering around 125 exahash per second (EH/s).
Data from Glassnode statistics show the seven-day average of the total amount of BTC transferred from mining operations on July 14, is roughly 1,240 BTC ($11.3M). Mining funds sent to exchanges also remain low and data shows that miners sent less than 500 BTC ($4.5M) on Tuesday.
Speculators believe miners strategically hoard because mining operations wholeheartedly believe the price will rise in the
