Bitcoin miners were one of the main players in causing market declines by selling heavily following the last halving event earlier this year, which reduced mining rewards from 6.25 to 3,125 BTC. However, recent data shows that selling pressure from these assets has eased significantly. This trend could strengthen the asset's price and trigger a market-wide increase. 📉📈
Especially after the halving on April 20, miners began dumping their BTC, making their old mining equipment unprofitable due to decreasing mining rewards. However, CryptoQuant's latest analysis shows that the market is now absorbing this sell-off, evidenced by a rapid decrease in the volume and number of bitcoins leaving miners' wallets. This suggests that the market may stabilize and pave the way for an upward rally again if the current selling volume is fully absorbed. Positive trends are expected in the market for the third quarter of 2024.
It's been two months since the Bitcoin halving event, and the business of generating new BTC has seen a significant decline in profitability. Many operators are experiencing financial distress due to the recent block reward halving, and some are actively looking for exit strategies. As a result, an interesting trend stood out this year. Mergers, financings and partnerships are rapidly forming between AI and Bitcoin mining operations. As AI sees greater demand for capacity, Bitcoin mining operations are looking for new ways to maximize returns on significant capital investments.