{"id":221699,"date":"2021-04-08T06:50:42","date_gmt":"2021-04-08T03:50:42","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/miners-are-hoarding-bitcoin-from-record-daily-earnings\/"},"modified":"2021-04-08T06:50:42","modified_gmt":"2021-04-08T03:50:42","slug":"miners-are-hoarding-bitcoin-from-record-daily-earnings","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/miners-are-hoarding-bitcoin-from-record-daily-earnings\/","title":{"rendered":"# Miners are hoarding Bitcoin from record daily earnings"},"content":{"rendered":"

“# Miners are hoarding Bitcoin from record daily earnings <\/strong>”<\/p>\n

Bitcoin miners are stashing away their coins for higher prices, with direct transfers from miners to exchanges plummeting nearly 40% since mid-March.<\/p>\n

Data from on-chain analytics provider Glassnode shows that miners\u2019 BTC balances have been increasing since late March, following heavy outflows throughout January and consistently reduced selling during February and earlier in March.<\/p>\n

Glassnode CTO Rafael Schultze-Kraft, notes several metrics pointing to recent miner accumulation \u2014 including flows from miner addresses, unspent BTC supply, and miner position net change.<\/p>\n

Glassnode\u2019s data shows that unspent supply \u2014 BTC that has never been transferred from the (miner\u2019s) original recipient address \u2014 has begun to rise after seeing a sharp drop in January, when 15,000 previously dormant coins were moved from mining addresses for the first time. <\/p>\n

BTC unspent supply: Glassnode<\/a><\/figcaption><\/figure>\n

Since February, roughly 5,000 newly minted BTC have been added to Bitcoin\u2019s unspent supply, bringing the total up to 1.765 million<\/a> Bitcoin.<\/p>\n

Direct transfers from miner wallets to exchanges have also dropped substantially in recent weeks, falling from a 30-day moving average of nearly 450 BTC in mid-March to 275 BTC today.<\/p>\n

BTC transfers from miner wallets to exchanges, 30-day moving average: Glassnode<\/a><\/figcaption><\/figure>\n

Schultze-Kraft described Bitcoin mining as showing \u201cgreat fundamentals,\u201d noting<\/a> a new all-time high for daily hash rate of 178 exahashes per second on April 6 and new record highs for Bitcoin mining difficulty.<\/p>\n

He also shared data showing that miner revenues are up by 300%<\/a> in roughly one year, pushing into new all-time highs above $50 million to currently sit at a seven-day moving average of nearly $60 million.<\/p>\n

\u201cMiners have little to no incentives to be cashing out right now,\u201d he concluded, adding<\/a> \u201cselling or capitulation [is] not in sight.\u201d<\/p>\n

The app<\/a>arent prosperity of Bitcoin miners can be seen in the share performance of North America\u2019s listed mining firms, with recent analysis finding the stocks of the four-largest publicly-traded Bitcoin mining companies gained 5,000% in 12 months while spot BTC prices went up 900% over the same period.<\/p>\n