The Most BTCs Have Ever Been Held by Bitcoin Miners

The Cryptoquant data shows that Bitcoin miners currently control more BTC than ever. The analytics company verified that miners’ BTC holdings significantly grew in the month of July. This occurs in the midst of a larger market rebound that began in July.

As of the 29th of July, miners held a total of 1,865,272 BTC, according to CryptoQuant analyst and contributor Jan Wuestenfeld. The overall holdings did see a modest dip at the start of August, falling to 1,864,842 BTC.

Even still, July’s miner income was the lowest it has been in a year. On July 13th, revenues reached their lowest point of 13.928 million. Additionally, as Watcher Guru has noted, miner income decreased 16.7% from June to July. In contrast to June’s $667 million, bitcoin miners made $555 million in July.

In any case, many miners start to hold instead of sell, suggesting that their outlook has changed generally.

According to Wuestenfeld’s report,

“The sell-off and outflows that occurred after the capitulation event in June have been completely recovered by Bitcoin miner reserves. Bitcoin holdings in miner wallets have reached a new record high.

What about the difficulty and hash rate of Bitcoin?
According to Wuestenfeld, the BTC hash rate is still declining. In addition, unproductive miners are retiring their equipment since the price of BTC fell in mid-June. On June 12th, hash rate reached a maximum of 231.428m TH/s.

Furthermore, after months of being at a low, the difficulty is expected to have its first climb this week. Since late May, the network’s problem has been gradually reducing. This is most likely because miners stopped working since it wasn’t profitable. For many miners, the growing cost of power contributed to the financial strain.

Despite this, after many weeks of ambiguity, Bitcoin miners are back in their holding mode. Maybe they think the market will rebound more quickly than first expected.

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