Despite Bitcoin’s Price Highs, Onchain Data Shows BTC Miners Are Not Spending More Than Usual

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The cryptocurrency economy has been more valuable than ever as Bitcoin hit an all-time high of $ 24,298 per unit. Regardless of the all-time highs, the world’s bitcoin miners are not spending more bitcoin than usual, according to onchain statistics. Bitcoin miner’s outflow was higher during the bull run, but also lower than the 2019 high.

Speculators assume that bitcoin mining operations will sell more coins if the price of bitcoin (BTC) goes up. While BTC has hit a new all-time high (ATH), miners are not selling more Bitcoin than usual, according to onchain chart sites like Cryptoquant and Glassnode. On December 22nd, Glassnode’s onchain researchers stated that miners would not spend more than usual during ATH.

“Despite the recent rally, Bitcoin miners are not spending more BTC than usual,” Glassnode said on Tuesday. “The Miner Outflow Multiple, which shows when the BTC miner outflow is high compared to the historical average, is a long way from previous highs and even below the local high of 2019.”

Bitcoin miners have benefited a lot since the halving and bull run that followed a few months later. Before the halving, it was estimated that miners would need BTC prices of around $ 12,500 to offset the income earned before the halving.

The overall hash rate is very high at 139 exahashes per second (EH / s) as 14 mining operations are point hash rates in the BTC chain. With prices above $ 23,000, Bitcoin miners and even older generation mining equipment like the S9 are making significant profits.

At the time of publication, there are 18,579,969 BTC in circulation today, which is 88.48% of the 21 million delivery cap so far. BTC’s annual inflation rate has dropped significantly to 1.78% after holding above 3.6% before halving in May.

On average, BTCs worth $ 20,961,900 (at today’s exchange rates) are issued daily by miners at 144 blocks per day. Yesterday, 147 BTC blocks and 2,037 blocks were found in the past 2 weeks at 6 blocks per hour.

While the BTC Coinbase rewards have a two-week average of $ 146,046 per block, the average total number of fees per block is 0.81 BTC, or $ 18,837. Glassnode’s onchain statistics show that companies hold on to coins longer, based on the “realized Hodl ratio” over the past seven days.

In addition to data from Glassnode, Cryptoquant’s outflow statistics indicate that Bitcoin miner sales have not increased significantly with BTC prices so high. Cryptoquant tracks data from major BTC mining pools like Antpool, Poolin, Btc.com, F2pool, Viabtc, Slush, Dpool, Bytepool and others besides the smaller unknown mining pools.

What do you think of miners holding onto their newly minted bitcoins? Let us know what you think on this matter in the comments section below.

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Antpool, Bitcoin, Bitcoin (BTC), Bitcoin Mining, BTC.com, Bytepoo, cryptocurrency, Kryptoquant, Dpool, F2Pool, glass nodes, hashrate, miner outflow multiple, onchain data, onchain statistics, outflow, poolin, realized Hodl- Ratio, S9, Slush, ViaBTC

Photo credit: Shutterstock, Pixabay, Wiki Commons, Glassnode,

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