2024

Bitcoin

April

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<p dir="ltr">Some miners are increasing their BTC sales ahead of the halving event, <a href="https://twitter.com/cryptoquant_com/status/1776267886006288414" rel="noopener noreferrer nofollow">according</a> to leading crypto analytics platform CryptoQuant.</p>
<p dir="ltr">The daily sales to over-the-counter (OTC) desks reached 1,600 Bitcoin in late March, the highest level since August 2023.</p> <img height="389" src="https://lh7-us.googleusercontent.com/48nTMNo2KjNErR_op9PB_MHmh-NCBW7-l71nXuWB8WUFhKjfi5fNjDpH9GAeX1xRd1YuZ2QNdk3lGpebvLLOx_ZX3DK2SlMWWIehstOsXvHajadidM-qEc2d0DnfRSr5OacVtVa9l2N9FNCmqHul9ws" width="624">Source: <a href="https://twitter.com/cryptoquant_com/status/1776267886006288414" rel="noopener noreferrer nofollow">X</a>
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<p dir="ltr">Additionally, a notable decline in transaction fees is adding pressure to Bitcoin miner profitability as the halving approaches. Despite daily revenues reaching new highs, miner hashprice remains 30% lower than pre-last halving levels, suggesting reduced earnings per computational effort.</p>
<h2 id="hashrate-soars">Hashrate soars</h2>
<p dir="ltr">The recent surge in the Bitcoin network's hashrate to 600 H/s indicates increased competition among miners for the same rewards.</p>
<p>&nbsp;</p> <img height="335" src="https://lh7-us.googleusercontent.com/Q-wj7UV1SxkIakgmcysHCk_Hjz_iav43hnqn8q4l_6ath83GCVkIUM9uUigllEu9aNnnK5x4w5w855GnEXkYSY7G3QbJyYIRPoRSebJj_0uUs_MgXBJZdRE8SvqOds25LJpsd1WkeNnlbOu57uTxLQo" width="624">Source: <a href="https://twitter.com/cryptoquant_com/status/1776267886006288414" rel="noopener noreferrer nofollow">X</a>
<p dir="ltr">The global Bitcoin network hashrate, measured in hashes per second (H/s), reflects the total computational power dedicated to mining and securing the network. As the network's hashrate increases, it indicates a higher level of security and resilience against potential attacks or disruptions.</p>
<h2 id="biggest-halving-event-in-history">Biggest halving event in history</h2>
<p>In April 2024, the Bitcoin (BTC) network is gearing up for its most significant halving event in terms of the USD-denominated reduction of miner rewards. This halving will see rewards drop from 6.25 to 3.125 Bitcoin (BTC) per block, potentially leading to a 3-7% reduction in active miners.</p>
<p>The ongoing adoption of Bitcoin exchange-traded funds (ETFs) could absorb selling pressure and contribute to a more stable demand for Bitcoin. ETFs provide institutional and retail investors with exposure to Bitcoin's price movements without directly holding the underlying asset, potentially impacting Bitcoin's market structure positively.</p>

Bitcoin Miners Selling More BTC Ahead of Halving

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