According to leading cryptocurrency analysis platform CryptoQuant, several miners are increasing their Bitcoin sales ahead of the halving event.
Daily over-the-counter (OTC) sales reached 1,600 BTC at the end of March, the highest level since August 2023.
Additionally, the notable decline in transaction fees is putting further pressure on miners' profits #Bitcoin as the halving event approaches.
Despite daily revenue reaching a new high, miner hash prices are still 30% lower than their pre-halving levels, indicating a decrease in earnings per computational effort.
Hashrate increased
The recent increase in the hash rate of the Bitcoin network to 600 H/s indicates increasing competition among miners for the same rewards.
The hash rate of the global BTC network, measured in hashes per second (H/s), reflects the total computing power dedicated to mining and securing the network.
As a network's hash rate increases, it indicates a higher level of security and resilience against potential attacks or disruptions.
The largest halving event in history
In April 2024, the Bitcoin (BTC) network is preparing for its most important #halving event of reducing the USD miner reward.
This halving will see the reward reduced from 6.25 to 3,125 BTC per block, potentially leading to a 3-7% reduction in the number of active miners.
Continued adoption of Spot Bitcoin ETFs could reduce selling pressure and contribute to a more stable demand for Bitcoin.
ETFs provide institutional and retail investors with exposure to BTC's price movements without directly holding the underlying asset, potentially positively impacting Bitcoin's market structure.
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