Will the continued decline in miner income have a negative impact on BTC?

After the recent Bitcoin halving, miners' income increased due to soaring transaction fees. However, as user enthusiasm for the Runes protocol waned, transaction fees fell, and miners were once again under pressure from reduced income.

Although the market depth has recovered to $407 million, there are still vulnerabilities. High transaction fees once relieved miners' pressure, but as transaction fees fell, miners' financial pressure increased again.

For example, Marathon Digital's transaction fee revenue share in April surged to 16% from 4.5% in March, helping miners to cover some costs. However, after the transaction fee fell, miners had to rely on selling Bitcoin to pay operating expenses, increasing market selling pressure.

Marathon Digital holds 17,631 BTC, worth more than $1.1 billion; Riot Platforms holds 8,872 BTC, worth more than $500 million.

If these miners sell Bitcoin due to reduced income, it may have a negative impact on the market, especially in the summer when trading activity slows down.

Pay close attention to the actions of miners. If there is a large-scale sell-off, BTC will be severely affected and may hit $55,000-58,000 in the short term.

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