On-chain data shows Bitcoin miners have always sold as Halvings have occurred. With the next one just around the corner, how are miners behaving this time?
Next Bitcoin Halving Is Less Than Two Days Away Now
In a CryptoQuant Quicktake post, an analyst discussed Bitcoin miners’ behavior in the build-up to the next Halving.
The “Halving” is a periodic event on the Bitcoin network where the cryptocurrency’s block rewards (the compensation miners receive for solving blocks) are permanently slashed in half.
This event occurs approximately every four years, and according to NiceHash’s countdown, the next one will occur in just over 32 hours.
Bitcoin miners earn revenue from two sources: transaction fees and block rewards. Historically, the former has been quite low on the BTC network, so the miners primarily depend on the latter to pay off their running costs.
Since the block rewards are cut in half during Halvings, these events naturally deal a significant blow to th
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