HomeBitcoinBitcoin miners are keeping a steady amount of Bitcoin, even as there...

Bitcoin miners are keeping a steady amount of Bitcoin, even as there is anticipation for a reduction in rewards for mining.

-

  • Bitcoin miners kept around 1. 82 million BTC in February, even though the price of Bitcoin went up and down.
  • The upcoming halving event makes miners want to sell more BTC to make money before the block rewards decrease.
  • CleanSpark, Riot, and TeraWulf are getting ready to spend less money to make up for lower profits.

Despite big changes in the price, people who mine Bitcoin have kept a steady amount of it in February. Even though people have been buying a lot of BTC because the price went up, miners still have about 1. 82 This information comes from CryptoQuant.

This stability is important because even though mining pools have moved about $40 billion to crypto exchanges, the market is still steady.

Cutting in half makes things happen more, but the amount of things doesn’t change

Bitcoin’s price went up a lot on February 26, so the people who mine it sold at least 40,000 Bitcoin. This is a big deal because it shows how the market is changing. However, even though miners were busy, the amount of bitcoin they had in their wallets at the end of February was almost the same as at the beginning of the month, with 1. 828 million BTC compared to 1. 827 million BTC on February 1.

Miners are getting ready for the next Bitcoin halving in April 19, 2024. They are changing their plans to make more money. In the past, miners have sold more Bitcoin before halving events to make money from higher prices before the rewards decrease. Every four years, the amount of new BTC that is made goes down, which affects how much money the miners make.

Miners are getting ready for getting less rewards for mining blocks

The upcoming halving will cut block rewards in half from 6. 25 BTC to 3. 125 BTC, which will be difficult for miners because they have to deal with high mining costs. Miners are changing how they work to avoid losing money. CleanSpark is going to have a trading desk to trade its Bitcoin. This will help them save money on trading costs.

Research shows that companies such as CleanSpark, Riot, and TeraWulf are in a good position to deal with the challenges of the upcoming halving. Miners worry about the high costs of selling, managing, and running their business. Not taking care of these expenses could cause the miners to lose money and force them to sell their assets.

It is expected that production costs will decrease after the halving event

On average, it costs crypto miners about $37,856 to produce cryptocurrency. This calculation shows that miners need to make their operations run better and use less energy in order to keep making money when the rewards for adding new blocks to the blockchain are smaller.

Warning: This is not advice for buying or selling stocks.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

LATEST POSTS

New Bitcoin Whales Out-Invest Old Ones

Ki Young Ju, founder and CEO of CryptoQuant, has noted that the initial investments of new whales are almost twice as big as the old whales' cumulative...

Starknet-powered AVNU Launches Paymaster Feature, Revolutionizing Gas Fees on Ethereum Layer-2

In a recent development, Starknet, Ethereum’s layer-2 scaling solution leveraging zero-knowledge rollups, announced a groundbreaking feature by AVNU, its native DEX aggregator. AVNU’s newly launched...

Neo launches Neo X Beta TestNet, more information on GAS utility revealed

Neo has launched the Neo X Beta TestNet, bringing with it a new set of features as progress towards the MainNet launch continues. The latest...

NURSES PROTEST AGAINST THE USE OF AI IN HEALTHCARE AT KAISER PERMANENTE

Registered nurses and members from the California Nurses Association (CNA) protest against AI at Kaiser SF. The nurses are worried about patients’ safety but...

Most Popular

ADVERTISE HERE