Bitcoin Miners Are Starting To Dump Their Coins...

More than $200 million in BTC were sold by miners on Sunday, a three-month high, according to CryptoQuant.

The difficulty for miners to do business has also become undeniable. With the fixed BTC block reward dropping by 50% to 3.125 BTC in April, and network fees staying relatively low, the industry has faced a seismic loss of revenue to which it is still adjusting.

Due to the halving, CryptoQuant’s data showed that Bitcoin miners were “extremely underpaid” in May, and have only returned to being “fairly paid” in June.

Since the halving, Bitcoin’s total hash rate has only declined by 4%, meaning it remains almost as difficult and costly to mine a Bitcoin block despite the decreased rewards.

Despite the performance, many mining stocks have performed well since the halving, with Valkyrie Bitcoin Miner ETF (WGMI) rising 33% since that time.