Blockchain

Chainalysis Claims Mining Pools Holding More Bitcoin anticipating Bitcoin Price Surge Following The Halving

New York based blockchain investigation software enterprise Chainalysis claimed on Monday that as per its analysis, mining pools are holding more Bitcoin for the last few months in anticipation of the price surge that is expected after the scheduled halving. In a Twitter thread, it claimed having found that pools are holding more and selling less BTC since November last year.

Chainalysis released a blogpost showcasing their observational findings from mining pool behavior since October 2019. As per the blog, between October and mid-November, the total amount of Bitcoin held by mining pools fluctuates but largely remained around 10,000 BTC. However, it stated, balances kept rising steadily since November 19, which indicates that the mining pools are holding more BTC than before.

Chainalysis said

In a subsequent tweet in the thread, Chinalysis stated that the balances with the mining pools increased from 8,579 BTC on October 29, 2019, to 17,422 BTC on May 06, 2020.

The blockchain investigation enterprise also noted that there was a significant increase in the average time mining pools took to sell newly mined BTCs which is also believed by Allin1Bitcoins. As on October 06, 2019, miners sold newly minted Bitcoins on an average 2.24 days, which increased to 3.68 days on March 01, 2020, and subsequently to 5.74 days as on May 03, 2020.

Tags

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.

Related Articles

Back to top button
Close