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bitcoin halving mining btc dumping
Nexo Logo

Post Bitcoin Halving, Miners Have Dumped $5M More BTC Than Before

Tony Spilotro by Tony Spilotro
2 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 2 mins read
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The Bitcoin halving finally happened this week, cutting the reward miners receive in BTC for their efforts by 50%.

The event has been widely expected to influence Bitcoin price in a positive way. However, miners aren’t following the plan and instead are dumping more BTC than ever on the market.

Bitcoin Halving Is Here, But the Opposite of What Was Expected Is Happening

Every four years or so, each Bitcoin halving reduces the overall supply miners receive for validating the network.

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The reduction in the already limited supply of BTC is built directly into the protocol itself.

Each Bitcoin halving in the past has ignited a new bull run and caused Bitcoin to soar to a new all-time high.

The theory behind this cycle is that the cost to validate each block and add it to the blockchain remains the same regardless of how much BTC is rewarded.

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Related Reading | Global Macro Economist Shares 3 Perfect Bitcoin Charts With $1M BTC Targets 

Thus, the halving causes an overnight revenue drop in miners. This is due to an increase in production costs realized through the less BTC received.

Once this happens, miners are expected to cease selling Bitcoin at a loss, causing an offset in supply and demand. Price spikes as a result.

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However, metrics tell a different tale. The complete opposite is happening, and miners are dumping as much as $5 million in BTC more on the first day since the halving.

Interesting day. Blows my mine so many miners are dipping in $BTC stock piles to sell savings right now.

Sold 622 more #Bitcoin than were mined today. pic.twitter.com/e5si925Dzo

— MeanHash✪ (@MeanHash) May 13, 2020

Miners Dip Into BTC Stockpile, Dump Another 622 BTC More Than What Was Mined

According to data, rather than less BTC being sold by miners, an additional 622 BTC worth of sell pressure hit the market post-halving.

That is, 622 BTC more than what was actually mined during the same day. Not only does this suggest that miners aren’t holding their BTC more tightly, they are even dipping into stockpiles currently.

What isn’t clear is which miners are currently tapping into their Bitcoin savings to sell. However, capitulation could be in the air.

Some of the most well-respected researchers have warned that Bitcoin will see a crash if prices don’t rise soon. The cost of producing each BTC has now risen, and the least efficient miners are at risk of being shaken out.

Related Reading | The Greatest Shakeout: Bitcoin Reclaims Generational Log Curve With 160% Rally 

Miners who can’t generate enough revenue to cover energy expenses and still make a profit may need to shut down and find another business model entirely.

Should this occur, the selling of stockpiles will only increase, not decline, in the near term.

After any remaining weak miners are shaken out, the state of the Bitcoin network will be at full health. The stage will finally be set for the next bull run.

Tags: bitcoinBitcoin HalvingbtcbtcusdBTCUSDTcryptominersxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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