Bitcoin miners are hiding their coins for higher prices, with direct transfers from miners to stock exchanges falling nearly 40% since mid-March.
Data from chain analysis provider Glassnode shows that miners’ BTC balances have increased since the end of March following heavy outflows during January and sales have steadily declined during February and earlier in March.
Glassnode CEO Rafael Schultze-Kraft notes several metrics that point to recent build-up of miners – including flow of miners’ addresses, unspent BTC supply and net change in mining position.
The data from Glassnode show that the unspent offer – BTC which has never been received from the original address of the (miner), started to rise after a sharp drop was seen in January when 15,000 previously dormant coins myaddresses have been moved.
Since February, about 5,000 custom BTCs have been added to Bitcoin’s unspent offering, increasing the total 1,765 million Bitcoin.
Direct transfers from mining to wallets have also dropped significantly in recent weeks, falling from a 30-day moving average of almost 450 BTC in mid-March to 275 BTC today.
Schultze-Kraft described Bitcoin mining as’ good ‘fundamental factors’. remark a new record high for daily hash rate of 178 exams per second on April 6 and new record highs for Bitcoin mining problems.
He also shared data showing that mining revenues are higher 300% in about a year, increasing new highs by more than $ 50 million, and currently achieving a seven-day moving average of nearly $ 60 million.
“Miners currently have little or no incentives to earn,” he concluded. addition “Sale or capitulation [is] not in sight. ”
The apparent prosperity of Bitcoin miners can be seen in the share performance of North America’s listed mining firms, with recent analysis showing that the shares of the four largest listed Bitcoin mining companies rose by 5,000% in 12 months while BTC prices 900 has risen. % over the same period.