Facing the approaching Bitcoin halving on April 20, BTC miners are reducing their stocks to the lowest level in three years, marking a strategic shift from the accumulation strategy seen before the May 2020 Bitcoin halving.
Bitcoin Miners Selling Their BTC
The recent surge in Bitcoin price, reaching historic highs above $73,000, seems to have prompted miners to take profits by selling some of their assets. This move is aimed at funding the purchase of more efficient equipment in anticipation of the reward reduction per block, which will decrease from 6.25 BTC to 3.125 BTC.
A Halving that Contrasts with the Previous Cycle
Unlike the approach during the last Bitcoin halving in May 2020, where miners had accumulated around 25,000 BTC, on-chain data reveals a trend of selling with a reduction of 27,000 BTC in stock since November. This strategy marks a shift in how miners view the current market and their operational sustainability.
The investment in new equipment is evident in a significant increase in the hashrate, the computing power allocated to mining and processing transactions on the Bitcoin blockchain. With a 45% increase in five months, surpassing the 15% observed before the last Bitcoin halving, this hashrate surge indicates substantial preparation by miners to face the imminent reduction in rewards.
