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Bitcoin Miners Increase Selling Pressure
Bitcoin miners began reselling their assets as the BTC price struggled to hold on to the $70,000 level. According to CryptoQuant data, BTC flows from miners' wallets to exchanges reached a two-month high last weekend, indicating increasing selling pressure.
“While miners were competing for 900 BTC per day less than two months ago, they are now competing for 450 BTC per day across the network,” said HC Wainwright analyst Mike Colonnese. “The mining economy is down 45% from pre-halving levels. So "We are not surprised to see this selling pressure in the market."
CryptoQuant data shows that hourly BTC transfers from miners to exchanges reached over 3,000 Bitcoins on June 9. The next day, miners sold 1,200 BTC in the over-the-counter markets.
Bitcoin price dropped to approximately $66,000 on June 13. BTC price is having difficulty exceeding the $ 70,000 level after the record level of $ 73,797.68 reached on March 14.
“The sell-off occurred in the context of lower revenues following the halving,” said Julio Moreno, director of research at CryptoQuant. Moreno added that daily BTC miner revenues are around $35 million today, down 55% from the 2024 peak reached in March.
The total daily transaction fees of the Bitcoin network are down more than 44% compared to before the halving. Despite record levels of transactions on the network, the median transaction fee remained low. The hash rate of the Bitcoin network has barely dropped since the halving on April 19. This shows that the same amount of computing power is competing for a decreasing amount of block rewards, putting additional pressure on miners' profitability.
Colonnese noted that major publicly traded miners are doing well after the halving. His top companies include CleanSpark and Iren, formerly Iris Energy. “We estimate that the group currently produces over 50% gross margin on $70,000 worth of BTC, and the entire cash cost of producing one Bitcoin averages $45,000,” he said.
While CleanSpark was down 19% this quarter, Iren was up over 140%. During the year, they gained 55% and 82% respectively.
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