The top three mining pools, Viabtc, Bitfury, and Antpool, currently possess 1.92 million BTC. Additionally, there has been a recent decrease in the global Bitcoin network hashrate. According to statistics released by IntoTheBlock, the amount of bitcoin held by miners has significantly declined, reaching its lowest level in the past 12 years since the highly anticipated halving event for Bitcoin.
The top three mining pools, including Viabtc, Bitfury, and Antpool, now hold 1.92 million Bitcoin. Meanwhile, mining outflows have increased by 52%, resulting in a decline in reserves.
Miners are facing a tough time as the worldwide Bitcoin network hashrate has recently experienced a decline. After peaking at 714.89 EH/s on March 24, it has dropped to 624 EH/s. Analysts believe that this decline will have a critical impact, especially for operations with lower mining efficiency due to the decrease in block rewards.
The recently concluded Bitcoin halving, which reduced payouts by half, will lead to a loss of $445 million. Consequently, miners’ profits from block rewards will significantly decrease. Experts estimate that miners will lose around $10 billion due to this shift.
Historical data suggests that post-halving periods often experience price increases that aid in recovery. However, this current bull run is different from previous ones, as there was no pre-halving increase, possibly caused by Bitcoin ETF launches. Therefore, the outcomes may differ.
Transaction fees, which were once the primary source of income for miners, now account for a portion of their revenue share. In this case, the majority of revenue came from block rewards, with transaction fees contributing only $11 million.
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