According to CoinDesk, a report from blockchain data analysis company CryptoQuant shows that as the price of Bitcoin (BTC) fluctuated around a local high of $70,000, the number of coins transferred from Bitcoin mining pools to exchanges this week reached A new high in two months.
Number of coins transferred by Bitcoin miners to exchanges, source: CryptoQuant
As daily mining revenue drops due to the Bitcoin halving, the number of Bitcoins sold through over-the-counter (OTC) desks has also surged as miners seek to cash out their Bitcoin holdings. On Monday (10th), miners sold at least 1,200 Bitcoins through OTC, which was the highest single-day total in two months.
Source: CryptoQuant CEO Ki Young Ju
The previous day, miners sent more than 3,000 bitcoins (about $209 million) to the exchange, with the majority coming from transfers from the btc.com mining pool to Binance. This surge in transfer volume coincides with Bitcoin’s temporary correction as it fell from $70,000 to $66,000.
Selling activity has also increased among U.S. Bitcoin miners, with publicly traded miner Marathon Digital offloading 1,400 Bitcoins (about $98 million) since the start of the month.
CryptoQuant’s report added that miners’ daily revenue was $35 million, down 55% from a peak of $78 million in March. The decrease in revenue can be attributed to lower transaction fees following the Bitcoin halving.
Daily income of Bitcoin miners, source: CryptoQuant
This article Miners cash out on Bitcoin rally, moving coins to exchanges at two-month high first appeared on Zombit.