Bitcoin miner balances drop under the 1.81 million BTC bracket

Bitcoin miner balances dropped below the 1.81 million BTC bracket following the halving, and the figure is the lowest for some time now. This signifies an economic struggle after the halving. 

Bitcoin miner balances have been on a roller coaster ride for a while now. The balance pertaining to miner wallets witnessed a gradual drop towards the end of last year, at times touching figures it has not touched for a long time now. As per the data released by Glassnode, the miner balance fell from 1.84 million BTC towards the beginning of last year to 1.8 million BTC in May 2024. 

This lessening speaks of a rise in selling by miners to cover running expenses, further troubled by the lessened block rewards following halving. 

As per CryptoSlate’s statement, the transaction fees had increased after halving, reaching 75% of miner income, while miner’s adjusted with lesser block rewards, the dependence on transaction fees. This signifies a basic alteration in miner’s earning options and may influence the transforming situation in miner balances and revenue collection. This is looked upon as a direct effect of bitcoin halving, forcing miners to adjust with their plans of maintaining profits in an ever evolving economic space.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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