What About The Miners’ Flow?
We’re exploring the net position of Bitcoin miners.
As we know, the profit of Bitcoin miners has been steadily falling from the moment of the first halving, periodically finding a consolidation bottom and then falling again.
When studying mining dynamics for about the last two years, the total income of Bitcoin miners was between 950 and 1050 BTC, except for a sharp drawdown in July 2021 due to the unprecedented great migration of Chinese miners, which resulted in a record 28% drop in mining difficulty.
Currently, miners’ income is equal to about 850–900 BTC. We observed roughly the same numbers in November 2020, when BTC accelerated its growth rates.
Look at the hourly timeframe of the net position of Bitcoin miners. You can see that from about December 1 to December 4, miners massively sold their reserves, which also led to a drop in the Bitcoin exchange rate to $41,000. However, it should be noted that between December 4th and 5th, Bitcoin miners began to accumulate coins carefully.
An absolutely identical on-chain picture is reflected by the 5-minute block resolution, in which miners…
