Bitcoin reserves of miners have fallen to their lowest in 12 years

In total, miners have bitcoins, which represent less than 10 percent of the cryptocurrency’s No. 1 total supply.
According to IntoTheBlock calculations, miners’ bitcoin reserves have fallen to their lowest level in the last 12 years, that is, to the level of 2010, and have reached the value of 1.91 million BTC. Thus, miners currently have bitcoins that represent less than 10% of the cryptocurrency’s #1 total supply.
The decline beyond the psychologically important level of 2 million bitcoins happened this year, although before that the amount of BTC reserves at miners had been kept mostly above 2 million since February 2020. The decline became particularly pronounced in mid-June this year, when participants in the cryptocurrency’s No. 1 market saw clear signs of a “bearish” phase of bitcoin conditions.
“The dip” below the level of 2 million BTC in reserves was also recorded last year, when China began to apply a ban on mining, but the relocation of mining equipment to other countries, with a different regulatory approach to this activity, was successful.
The current situation has two important implications. First, following bitcoin sales from miners’ balance sheets, the downward impact of such asset sales on the price of cryptocurrency No. 1 has decreased on record. This means that an important factor is emerging to restore the positive trend in bitcoin price. Second, bitcoin mining companies continue to allocate the proceeds to upgrade equipment and purchase other players in this sphere.
Given the current unique situation with large discounts on miners, it is now a temporary window of opportunity for such an upgrade of the fleet of equipment, which, most likely, until the next halving in the blockchain cryptocurrency number one in 2024 will not appear again.

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