Litecoin

Bitcoin

April

<a href="https://ultramining.com/news/en/russias-bitcoin-gold-rush-mining-machine-influx-outpaces-rest-of-the-world/" rel="noopener noreferrer nofollow">Bitcoin miners</a> are strategically preparing for the 2024 <a href="https://ultramining.com/news/en/heat-waves-and-halving-bitcoin-miners-cash-in-amid-rising-prices/" rel="noopener noreferrer nofollow">halving</a> event. After a significant selling phase starting in August 2022, accumulation has been the trend since May 27, 2023. This trend appears to have increased with bitcoin's recent downturn below the $30,000 price mark, according to <a href="https://cryptopotato.com/bitcoin-miners-enter-accumulation-phase-as-2024-halving-approaches-bitfinex-report/" rel="noopener noreferrer nofollow">cryptopotato</a>. 
The upcoming <a href="https://ultramining.com/news/en/heat-waves-and-halving-bitcoin-miners-cash-in-amid-rising-prices/" rel="noopener noreferrer nofollow">halving</a>, scheduled for April 2024, will cut the miners' rewards from 6.25 to 3.125 BTC per block. Consequently, miners have shifted focus from selling to accumulating. July saw restrained BTC outflows, with a sudden increase at the end of the month. This move is likely a defensive strategy against potential resistance from buyers. 
Bitcoin mining companies are also benefiting from the buzz around Bitcoin ETFs. The surge in stock prices has strengthened their financial reserves, enabling them to expand mining equipment and endure potential price downturns. 
Meanwhile, institutional investors are exercising caution. According to <a href="https://www.bitfinex.com/sign-up?refcode=r-qv3hyl7" rel="noopener noreferrer nofollow">Bitfinex</a>, market lethargy and a 62% slump in trading volumes year-to-date have led to careful investment strategies. Some altcoins like Solana, XRP, and <a href="https://ultramining.com/en/ratings/litecoin/" rel="noopener noreferrer nofollow">Litecoin</a> have experienced positive cash inflows, despite the general caution in the market. 
In summary, as the 2024 <a href="https://ultramining.com/news/en/heat-waves-and-halving-bitcoin-miners-cash-in-amid-rising-prices/" rel="noopener noreferrer nofollow">halving</a> approaches, miners are accumulating BTC, fortifying their positions, and gearing up for potential market changes. This move reflects strategic planning and could have implications for the broader Bitcoin market in the months to come. 
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Bitcoin Miners Gear Up for 2024 Halving: Accumulation Trend Surges

Ultramining_Eng

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