- The price of Bitcoin has recently recovered, but miners may have missed this opportunity. Recent data showed an increase in Bitcoin (BTC) outflows in the past few days.
- Since the beginning of this year, there has been a continuous upward trend in Bitcoin’s difficulty level. In January, the network difficulty was approximately 34 trillion, but it had surpassed 53.2 trillion at the time of writing.
- The benchmark for Bitcoin miner revenue revealed a significant decrease in income recently.
With the increase in network difficulty and the decrease in income, BTC miners may be selling their Bitcoins.
Miners’ Bitcoin Outflow is Increasing
The price of Bitcoin has recently recovered, but miners may have missed this opportunity. Recent data showed an increase in Bitcoin (BTC) outflows in the past few days.
Glassnode revealed an interesting development regarding Bitcoin miners’ outflows. On June 19th, the chart recorded a significant increase at the seven-day moving average point, reaching approximately 2,188. This increase represented the highest movement observed in the past two years, with a similar peak occurring at 2,185 in April 2022.
Another metric, such as the average miner outflow on CryptoQuant, has also shown an upward trend recently. The miner outflow exceeded 19, indicating a significant level of Bitcoin outflow.
These findings indicate an increasing tendency among miners to transfer their Bitcoins to exchanges.
Bitcoin Miners’ Outflow
BTC Mining Difficulty and Hash Rate
When examining the network difficulty chart, there has been a continuous upward trend in Bitcoin’s difficulty level since the beginning of this year. In January, the network difficulty was approximately 34 trillion, but it had surpassed 53.2 trillion at the time of writing.
Bitcoin Mining Difficulty
Additionally, there has been an increase in the total hash rate, which was nearly 340 million at the time of writing. This metric indicated that miners faced higher costs in BTC mining, but raised the question of whether their income reflected the same trend.
Bitcoin Miners’ Income Shows a Decreasing Trend
The benchmark for Bitcoin miner revenue revealed a significant decrease in income recently. Since June 14th, miner revenue has experienced an approximate 2% decrease. At the time of writing, miner revenue is at 3.13%.
Bitcoin Miners’ Income Percentages
When combined with the increases in hash rate and difficulty, this significant decrease in income suggests that miners may have sold their Bitcoin assets to sustain profitability. However, if there is a significant increase in the price of BTC, it could halt this selling pressure when mining revenue becomes more valuable.
When examining the chart of Bitcoin, it can be seen that it ended the weekend with a slight loss. At the time of writing, it is trading around $26,750.
