In the coming fortnight, the fourth bitcoin halving will take place, an event causing great anticipation within the Bitcoin community. As a significant shift approaches for the ecosystem, many miners are choosing to sell off substantial quantities of their bitcoins in preparation.
Furthermore, the level of competition is increasing significantly. The hashrate of the Bitcoin network has risen notably, suggesting an influx of miners all aiming for the same rewards.
— CryptoQuant.com (@cryptoquant_com) April 5, 2024
Members of the Bitcoin mining industry are actively selling off their Bitcoins due to the upcoming halving event, which they believe will cause an increase in the cryptocurrency’s value.
Approximately 160,000 Bitcoins are being sold daily by miners in over-the-counter transactions, a figure not seen since August 2023, according to the latest data from CryptoQuant.
In a series of recent statements about Bitcoin, the analytics firm predicted that transaction fees will significantly drop in the near future to incentivize miners, who currently earn an average of $2.864 (around Rs. 240) per transaction validation on the blockchain as of April 8.
every 210,000 units of work called “blocks” that are added to the Bitcoin network by miners, an automated process known as Bitcoin halving is triggered. This event results in a reduction of rewards given to miners for their efforts, making it less appealing for them to continue mining new blocks at the same rate. Consequently, the production of fresh Bitcoins decelerates.
Following the upcoming bitcoin halving, miners will earn 3.125 BTC as reward per block instead of the current 6.25 BTC.
According to CryptoQuant’s latest findings, Bitcoin miners continue to deal with lower transaction fees and increased competition. Consequently, they have been selling off large quantities of their BTC stash to secure their gains, especially since the upcoming fourth Bitcoin halving is only 17 days away.
In March, the record-breaking price of bitcoin surpassed $72,569 for the first time, establishing a new peak (highest point) that remained unbeaten until November 2021. Currently, as of March 8, the Bitcoin price fluctuates between approximately $66,570 and $72,000.
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2024-04-09 09:08