{"id":168188,"date":"2024-06-28T11:14:42","date_gmt":"2024-06-28T11:14:42","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=168188"},"modified":"2024-06-28T11:14:46","modified_gmt":"2024-06-28T11:14:46","slug":"bitcoin-btc-miner-withdrawals-drop-85-post-halving-easing-sell-pressure","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/bitcoin-btc-miner-withdrawals-drop-85-post-halving-easing-sell-pressure\/","title":{"rendered":"Bitcoin (BTC) Miner Withdrawals Drop 85% Post-Halving, Easing Sell Pressure"},"content":{"rendered":"<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">TL;DR<\/span><\/p>\n<ul style=\"text-align: justify\">\n<li><strong><span data-preserver-spaces=\"true\">Min<\/span><span data-preserver-spaces=\"true\">er Withdrawal Decrease<\/span><\/strong><span data-preserver-spaces=\"true\">: Post-halving, Bitcoin (BTC) miners\u2019 withdrawal activities dropped by 85%, suggesting reduced sell pressure and potential market optimism.<\/span><\/li>\n<li><strong><span data-preserver-spaces=\"true\">Network Fundamentals Shift<\/span><\/strong><span data-preserver-spaces=\"true\">: The halving event led to a decline in <\/span><span data-preserver-spaces=\"true\">hash rat<\/span><span data-preserver-spaces=\"true\">e and mining difficulty, indicating miners\u2019 capitulation and a buying signal for traders.<\/span><\/li>\n<li><strong><span data-preserver-spaces=\"true\">Future Market Outlook<\/span><\/strong><span data-preserver-spaces=\"true\"><span data-preserver-spaces=\"true\">: Despite the drop in miner withdrawals and hash prices affecting small-scale miners, the overall forecast for the cryptocurrency market remains positive for Q3 2024.<\/span><\/span><br \/>\n<hr \/>\n<\/li>\n<\/ul>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">Since<\/span><span data-preserver-spaces=\"true\"> the block subsidy halving, <\/span><strong><a class=\"editor-rtfLink\" href=\"https:\/\/crypto-economy.com\/bitcoin-mining\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Bitcoin <\/span><\/a>(BTC) <span data-preserver-spaces=\"true\">miners have witnessed a notable decrease in their withdrawal activities<\/span><\/strong><span data-preserver-spaces=\"true\">, as revealed by <\/span><strong><a class=\"editor-rtfLink\" href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/667e0c86931dcb63ae996678-BTC-Miners-selling-pressure-decreases\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">data <\/span><\/a><span data-preserver-spaces=\"true\">from CryptoQuant<\/span><\/strong><span data-preserver-spaces=\"true\">, an on-chain analytics platform. This decline in miner sell pressure brings a ray of optimism for the cryptocurrency market.<\/span><!--more--><\/p>\n<p style=\"text-align: justify\"><strong><span data-preserver-spaces=\"true\">After the <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/crypto-economy.com\/bitcoin-halving\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">halving <\/span><\/a><span data-preserver-spaces=\"true\">event in April,<\/span><\/strong><span data-preserver-spaces=\"true\"> which cut the mining subsidy per block by 50%, <\/span><strong><span data-preserver-spaces=\"true\">Bitcoin miners had to adapt to a new economic landscape.<\/span><\/strong><span data-preserver-spaces=\"true\"> The reduced rewards made older model mining machines obsolete, as they were no longer cost-effective. <\/span><\/p>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">Consequently, mining activity decreased, and miners turned to over-the-counter (OTC) transactions to cover operational costs.<\/span><\/p>\n<h2 style=\"text-align: left\"><span data-preserver-spaces=\"true\">Bitcoin (BTC) Hash Rate and Mining Difficulty<\/span><\/h2>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-168191\" src=\"https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/06\/BitcoinMining.jpg\" alt=\"Bitcoin (BTC) Miner Withdrawals Drop 85% Post-Halving, Easing Sell Pressure\" width=\"825\" height=\"300\" srcset=\"https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/06\/BitcoinMining.jpg 825w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/06\/BitcoinMining-300x109.jpg 300w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/06\/BitcoinMining-768x279.jpg 768w\" sizes=\"(max-width: 825px) 100vw, 825px\" \/><\/p>\n<p style=\"text-align: justify\"><strong><span data-preserver-spaces=\"true\">Changes in the network fundamentals were evident during this time frame.<\/span><\/strong><span data-preserver-spaces=\"true\"> The hash rate and mining difficulty both decreased from their peak levels. The hash rate, which indicates the computational power protecting the network, showed a sense of &#8220;capitulation&#8221; among miners. <\/span><\/p>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">The 30-day moving average hash rate dropped below its 60-day counterpart, typically seen as a signal to buy for Bitcoin traders.<\/span><\/p>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">CryptoQuant contributor <\/span><strong><span data-preserver-spaces=\"true\">Crypto Dan observes that the process of miner sell-off is winding down.<\/span><\/strong><span data-preserver-spaces=\"true\"> Miners are now sending fewer bitcoins out of their wallets, indicating a weakening selling pressure. <\/span><strong><span data-preserver-spaces=\"true\">If this trend continues<\/span><\/strong><span data-preserver-spaces=\"true\"> and the selling volume is absorbed,<\/span><strong><span data-preserver-spaces=\"true\"> it could pave the way for an upward rally in Bitcoin prices.<\/span><\/strong><\/p>\n<h2 style=\"text-align: left\"><span data-preserver-spaces=\"true\">Quantifying the Decrease<\/span><\/h2>\n<p style=\"text-align: justify\"><strong><span data-preserver-spaces=\"true\">Accompanying CryptoQuant data reveals a stark contrast in miner withdrawals.<\/span><\/strong><span data-preserver-spaces=\"true\"> On April 10, just nine days before the halving, known miner wallets saw over 53,000 withdrawals. As of June 27, that figure has plummeted to around 8,000, a remarkable 85% decrease.<\/span><\/p>\n<p style=\"text-align: justify\"><strong><span data-preserver-spaces=\"true\">The post ends positively,<\/span><\/strong><span data-preserver-spaces=\"true\"> forecasting a bright future for the cryptocurrency market in the third quarter of 2024. <\/span><strong><span data-preserver-spaces=\"true\">Despite this optimism, there are lingering worries for small-scale miners<\/span><\/strong><span data-preserver-spaces=\"true\"> as hash prices continue to drop.<\/span><\/p>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">Between June 8 and June 24, hash price, reflecting expected revenue per exahash, dropped by 50%, impacting profit margins for these miners. As of June 28, the hash price stands at $0.048.<\/span><\/p>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">In summary, <\/span><span data-preserver-spaces=\"true\">the reduction in<\/span><span data-preserver-spaces=\"true\"> miner withdrawals post-halving signals a shift in market dynamics, potentially setting the stage for further price appreciation in Bitcoin. However, challenges persist for smaller miners as hash prices continue to fluctuate.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>TL;DR Miner Withdrawal Decrease: Post-halving, Bitcoin (BTC) miners\u2019 withdrawal activities dropped by 85%, suggesting reduced sell pressure and potential market optimism. Network Fundamentals Shift: The halving event led to a decline in hash rate and mining difficulty, indicating miners\u2019 capitulation and a buying signal for traders. Future Market Outlook: Despite the drop in miner withdrawals &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Bitcoin (BTC) Miner Withdrawals Drop 85% Post-Halving, Easing Sell Pressure\" class=\"read-more button\" href=\"https:\/\/crypto-economy.com\/bitcoin-btc-miner-withdrawals-drop-85-post-halving-easing-sell-pressure\/#more-168188\" aria-label=\"More on Bitcoin (BTC) Miner Withdrawals Drop 85% Post-Halving, Easing Sell Pressure\">Read more<\/a><\/p>\n","protected":false},"author":32,"featured_media":168192,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[100,74],"tags":[4602,4910,5536,4765,4789],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/168188"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=168188"}],"version-history":[{"count":1,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/168188\/revisions"}],"predecessor-version":[{"id":168193,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/168188\/revisions\/168193"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/168192"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=168188"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=168188"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=168188"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}