Miners are back in the accumulating mode, adding 5,000 BTC to Bitcoin’s unspent supply after the beginning of February.
Bitcoin miners are hoarding their coins in anticipation of higher costs, with direct payments from miners to exchanges down nearly 40% after mid-March.
According to data from on-chain analytics provider Glassnode, miners’ BTC balances have been the since late March, after a period of strong outflows in January and consistently decreased sale in February and early March.
Rafael Schultze-Kraft, CTO of Glassnode, mentions many metrics indicating recent miner accumulation, including flows from miner addresses, unspent BTC availability, and miner location nett shift.
According to Glassnode info, unspent supply — BTC that has never been transferred from the (miner’s) initial recipient address — has begun to grow after a steep drop in January, when 15,000 previously dormant coins were transported for the first time from mining addresses.
Since February, roughly 5,000 newly minted BTC have been added to Bitcoin’s unspent supply, bringing the total up to 1.765 million Bitcoin.
Direct transfers from miner wallets to exchanges have also dropped substantially in recent weeks, falling from a 30-day moving average of nearly 450 BTC in mid-March to 275 BTC today.
Schultze-Kraft described Bitcoin mining as showing “great fundamentals,” noting a new all-time high for daily hash rate of 178 exahashes per second on April 6 and new record highs for Bitcoin mining difficulty.
He also shared data showing that miner revenues are up by 300% in roughly one year, pushing into new all-time highs above $50 million to currently sit at a seven-day moving average of nearly $60 million.
“Miners have little to no incentives to be cashing out right now,” he concluded, adding “selling or capitulation [is] not in sight.”
The obvious success of Bitcoin miners can be seen in the share production of North America’s listed mining firms, with a recent study showing that the stocks of the four biggest publicly-traded Bitcoin mining companies gained 5,000 percent in a year, while spot BTC prices increased 900 percent.
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