The cryptocurrency economy is higher in value than ever before as bitcoin hit an all-time high of $ 24,298 per unit. Regardless of the all-time price heights, the world’s bitcoin miners aren’t spending more bitcoin than usual according to onchain statistics. Bitcoin miner outflows were higher during the bull run, but also lower than the 2019 peak.
Speculators assume that when the price of bitcoin (BTC) increases, bitcoin mining operations will sell more coins. However, while BTC has hit a new all-time high (ATH), miners are not selling more bitcoin than usual according to data from onchain diagram sites such Cryptoquant and Glassnode. On December 22, Glassnode’s onchain researchers explained what miners are like don’t spend more than usual during the ATH.
Despite the recent rally, Bitcoin miners are no longer spending BTC than usual, ”Glassnode said Tuesday. “The Miner Outflow Multiple, that shows when BTC the outflow of miners is high compared to the historical average, far from the previous peaks and even below the local peak of 2019. “
Since the halving and bull run that followed a few months later, bitcoin miners have benefited a lot. Before halving, it was estimated that miners need BTC prices around $ 12,500 to break even from pre-halving earnings.
The overall hashrate is very high at 139 exahash per second (EH / s) as 14 mining operations are point hashrate on the BTC chain. With prices above the $ 23k handle, bitcoin miners, and even older generation mining rigs like the S9 is making significant gains.
At the time of publication 18,579,969 BTC are in circulation today and so far that is 88.48% of the stock limit of 21 million. BTCAnnual inflation has fallen significantly to 1.78% after holding a price of more than 3.6% before the halving of May.
Worth an average of $ 20,961,900 (at current exchange rates) of BTC is issued by miners every day with 144 blocks per day. Yesterday 147 BTC blocks were found and 2,037 blocks were found during the last 2 weeks at 6 blocks per hour.
While the BTC Coinbase rewards average over two weeks of $ 146,046 per block the average total number of rewards per block is 0.81 BTC or $ 18,837. Glassnode’s onchain statistics show that entities are holding onto coins longer, according to the “realized hodl ratioFor the past seven days.
In addition to data from Glassnode, miner outflow statistics of Cryptoquant indicates that bitcoin miners’ sales have not increased much BTC prices so high. Cryptoquant keeps records of major BTC mining pools such as Antpool, Poolin, Btc.com, F2pool, Viabtc, Slush, Dpool, Bytepool and others in addition to the smaller unknown mining pools.
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Image Credits: Shutterstock, Pixabay, Wiki Commons, Glassnode,
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