Bitcoin miners mined an empty block at block height 857116
Mempool data shows that in the past hour, miners have mined empty blocks (blocks that only contain the block reward coinbase transaction) at Bitcoin height 857116.
78% of ETH is held by long-term holders, and Bitcoin miners sold more than 30,000 BTC in June
On June 29th, IntoTheBlock released its Q2 market report, stating that BTC and ETH fell by 12.8% and 3.1% respectively. The number of BTC held by long-term investors decreased, with a balance reduction of 160,000 BTC (approximately $10 billion) in May and a reduction of 40,000 BTC in June. Since June, Bitcoin miners have sold more than 30,000 BTC (approximately $2 billion). Currently, 78% of ETH is held by long-term holders. L2 trading volume has increased fourfold, with the top three L2 networks (Arbitrum, Base, and Optimism) seeing a fourfold increase in trading volume over the past year.
Glassnode: Bitcoin miners have not "completely sold off" and may be in the break-even period
Glassnode Chief Analyst James Check said that Bitcoin miners may be struggling, but they may not have fully entered a bear market level. They mine 10 bitcoins and then sell 10 bitcoins. Miners must adapt and adjust fees to become their main source of income, forcing the industry to further innovate and apply effective capital management.
Fidelity Digital Assets Warns Bitcoin Miners to Maintain Hashrate and Energy Post-Halving
According to a report by Fidelity Digital Assets, miners must prepare for the quadrennial reward halving event, which cuts their bitcoin earned by 50%, in order to avoid bankruptcy. They need to maintain their existing hashrate, energy, and real estate while competing with the rest of the network. The months after halving are the most difficult, as bitcoin "plays catch-up to the immediate pay cut," and miners need capital reserves to offset the drop in revenue. However, the mining sector has historically recovered after previous halvings, demonstrating the resilience of the network and the industry.
Bitcoin Miners Reduce Coin Stashes Ahead of Halving and Dry Season in China
The number of bitcoin held by crypto miners has decreased by 8,426 this year, with the decline starting in October. This may be due to the upcoming reward halving and the dry season in China, which could be causing miners to use their stored BTC to buy more efficient equipment to reduce running costs. The estimated number of BTC held in wallets tied to miners has dropped to the lowest since mid-2021, according to data from Glassnode. The halving, which is expected to reduce revenues and boost production costs, is seen as a stress test for miners and could lead to industry consolidation. China accounts for roughly 20% of the total computing power on the Bitcoin network, and miners in some Chinese regions may sell during the dry season to counteract the inactivity of mining hardware.
Crypto Quant founder: 700,000 Bitcoins have been transferred to OTC trading platforms used by miners in the past three weeks
Data released by Crypto Quant founder and CEO Ki Young Ju shows that since the approval of Bitcoin ETF spot trading, 700,000 Bitcoins have been transferred to over-the-counter trading platforms used by miners in the past three weeks.
US congressman: Approving emergency investigation order for Bitcoin miners is an abuse of power
Tom Emmer, the majority whip of the House of Representatives and a Republican from Minnesota, is opposing a recent emergency request approved by the US Office of Management and Budget (OMB) to collect data from the country's bitcoin mining operations. Emmer wrote to the OMB stating: "When public safety is at stake, and the threat is imminent, OMB has the authority to grant emergency approval. I am writing to express my concern about the potential for OMB to abuse these powers in this case, as bitcoin miners do not pose a threat to public safety." Emmer requested that the OMB explain why it chose emergency authorization instead of going through the "normal permitting process."
CryptoQuant: More than $1 billion in BTC was sent to the trading platform, and miner outflows reached a 6-year high
CoinDesk reported that the outflow of funds from Bitcoin miners has reached its highest point in years, with tens of thousands of bitcoins worth more than $1 billion being sent to trading platforms.
Marathon Digital produced 1,853 Bitcoins in December
Marathon Digital, a Bitcoin mining company, announced updates on its Bitcoin production and mining operations in December. The company produced 1,853 BTC in December, worth about $81.2 million. Marathon has produced a total of 12,852 BTC (worth $563.4 million) by 2023, more than double the mining output of 4,144 BTC in 2022. As of December 31, 2023, Marathon holds over 15,000 BTC.
BTC miners have sold approximately 4,000 BTC in the past 10 days, totaling more than $176 million
According to Ali's monitoring, Bitcoin miners have sold about 4,000 Bitcoins worth more than $176 million in the past 10 days, according to TechFlow news.
