{"id":634135,"date":"2024-08-09T05:00:16","date_gmt":"2024-08-09T05:00:16","guid":{"rendered":"https:\/\/uniquehot.com\/?p=634135"},"modified":"2024-08-08T16:25:16","modified_gmt":"2024-08-08T16:25:16","slug":"bitcoin-latest-casualty-miner-reserves-plunge-to-3-year-low-whats-next-for-btc","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-latest-casualty-miner-reserves-plunge-to-3-year-low-whats-next-for-btc\/","title":{"rendered":"Bitcoin\u2019s Latest Casualty: Miner Reserves Plunge to 3-Year Low, What\u2019s Next For BTC?"},"content":{"rendered":"

Amid Bitcoin (BTC) continuous struggle for a major rally to new heights, miners powering the Bitcoin network are experiencing significant economic shifts.<\/p>\n

Particularly, recent data<\/a> shows a stark reduction in Bitcoin reserves held by miners, signaling potential shifts in market stance or miner strategies.<\/p>\n

Related Reading: $0 Flows: BlackRock Unshaken Despite Recent Bitcoin Market Crash, Data Shows<\/a><\/div>\n

Bitcoin Miner Reserves: A Plunge To 3-Year Low<\/h2>\n

Following the latest Bitcoin Halving\u2014an event that reduced the block rewards miners earn for their computational efforts\u2014which occurred back in April, the total Bitcoin reserves<\/a> held by miners have plunged to a three-year low.<\/p>\n

\"Bitcoin
Bitcoin miner reserves. | Source: Bloomberg<\/a><\/figcaption><\/figure>\n

The data shown by Kaiko revealed that as of August 3, BTC miner reserves witnessed a notable plunge to roughly 1,510,300 BTC, marking a 2.4% decrease from the peak earlier in December 2020.<\/p>\n

This reduction translates to an estimated value of $86 billion, accounting for about 8% of all BTC currently in circulation.<\/p>\n

In its latest report citing Kiako, Bloomberg attributes this decline in the miner’s reserves to the increased sell-offs from the miners ahead of the recent halving<\/a>. These sales have been primarily driven by the need to cover operational costs amidst reduced income from block rewards.<\/p>\n

The report read:<\/p>\n

\n

The main source of revenue for crypto-mining companies such as CleanSpark Inc. and Riot Platforms Inc. was dramatically reduced by the halving. The preprogrammed update slashed rewards the firms get from validating blockchain data, which is referred to as mining.<\/p>\n<\/blockquote>\n

Although it is worth noting that the network fees on the Bitcoin network saw a spike immediately after the halving, providing temporary relief, this was short-lived<\/a> as it was quick to adjust back to lower levels, with average fees now at $1.2 as of today, down significantly from more than $120 seen in April post-halving.<\/p>\n

There’s A Glitch<\/h2>\n

Interestingly, despite the market-wide trend of reduced reserves or holdings from these miners, some public mining companies appear to be bucking this trend<\/a>, with their Bitcoin reserves increasing significantly.<\/p>\n

Bloomberg, citing reports from the US Securities and Exchange Commission, noted:<\/p>\n

\u00a0[P]ublic mining companies have actually increased their holdings of Bitcoin by 60% to 54,000 tokens since January 2023. […] Marathon Digital Holdings Inc. recently reported that it bought $100 million worth of Bitcoin.<\/p><\/blockquote>\n

This accumulation, considered strategic given the current market condition, may suggest a bullish outlook from certain\u00a0<\/a>mining industry sectors<\/span>\u00a0despite the broader sell-off. However, the financial health of these mining companies appears to be somehow varied.<\/p>\n

Related Reading: Analyst Predicts Bitcoin Could Plunge Back To $51,000 On Wedge Pattern Breakdown<\/a><\/div>\n

According to Bloomberg, Core Scientific Inc. had already recently reported a substantial loss of about $804 million for Q2 of this year, which can be due to a “write-down” of the value of its Bitcoin holdings to reflect the current market prices.<\/p>\n

\"Bitcoin
BTC price is moving upwards on the 2-hour chart. Source: BTC\/USDT on TradingView.com<\/a><\/figcaption><\/figure>\n

Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

Amid Bitcoin (BTC) continuous struggle for a major rally to new heights, miners powering the Bitcoin network are experiencing significant economic shifts. Particularly, recent data shows a stark reduction in Bitcoin reserves held by miners, signaling potential shifts in market stance or miner strategies. Related Reading: $0 Flows: BlackRock Unshaken Despite Recent Bitcoin Market Crash, Data Shows Bitcoin Miner Reserves: A Plunge To 3-Year Low Following the latest Bitcoin Halving\u2014an event that reduced the block rewards miners earn for their computational efforts\u2014which occurred back in April, the total Bitcoin reserves held by miners have plunged to a three-year low. The data shown by Kaiko revealed that as of August 3, BTC miner reserves witnessed a notable plunge to roughly 1,510,300 BTC, marking a 2.4% decrease from the peak earlier in December 2020. This reduction translates to an estimated value of $86 billion, accounting for about 8% of all BTC currently in circulation. In its latest report citing Kiako, Bloomberg attributes this decline in the miner’s reserves to the increased sell-offs from the miners ahead of the recent halving. These sales have been primarily driven by the need to cover operational costs amidst reduced income from block rewards. The report read: The main source of revenue for crypto-mining companies such as CleanSpark Inc. and Riot Platforms Inc. was dramatically reduced by the halving. The preprogrammed update slashed rewards the firms get from validating blockchain data, which is referred to as mining. Although it is worth noting that the network fees on the Bitcoin network saw a spike immediately after the halving, providing temporary relief, this was short-lived as it was quick to adjust back to lower levels, with average fees now at $1.2 as of today, down significantly from more than $120 seen in April post-halving. There’s A Glitch Interestingly, despite the market-wide trend of reduced reserves or holdings from these miners, some public mining companies appear to be bucking this trend, with their Bitcoin reserves increasing significantly. Bloomberg, citing reports from the US Securities and Exchange Commission, noted: \u00a0[P]ublic mining companies have actually increased their holdings of Bitcoin by 60% to 54,000 tokens since January 2023. […] Marathon Digital Holdings Inc. recently reported that it bought $100 million worth of Bitcoin. This accumulation, considered strategic given the current market condition, may suggest a bullish outlook from certain\u00a0mining industry sectors\u00a0despite the broader sell-off. However, the financial health of these mining companies appears to be somehow varied. Related Reading: Analyst Predicts Bitcoin Could Plunge Back To $51,000 On Wedge Pattern Breakdown According to Bloomberg, Core Scientific Inc. had already recently reported a substantial loss of about $804 million for Q2 of this year, which can be due to a “write-down” of the value of its Bitcoin holdings to reflect the current market prices. Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":634144,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[428,441,8856,629,639,1039,1119,78790,6664,10923,7449],"class_list":["post-634135","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-bitcoin-analysis","tag-bitcoin-halving","tag-bitcoin-market","tag-bitcoin-miners","tag-bloomberg","tag-btc","tag-btcusdt","tag-crypto","tag-crypto-market","tag-kaiko"],"acf":[],"yoast_head":"\nBitcoin Latest Casualty: Miner Reserves Plunge to 3-Year Low, What\u2019s Next For BTC?<\/title>\n<meta name=\"description\" content=\"Amid Bitcoin (BTC) continuous struggle for a major rally to new heights, miners powering the Bitcoin network are currently 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These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. 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