Today, September 15, miners have 2,807 BTC less than on the 13th of the month.
Mining reserves indicate the BTC that miners have not yet sold
The $90,000 barrier in the price of bitcoin (BTC) was crossed on November 13. Since then, the price of the crypto asset has stopped, and at times has fallen below that mark, as is the case at the time of this writing.
According to graphical data from Cryptoquant, the price close to these regions triggered the capitulation, although not dramatic, of some bitcoin miners, sales that could continue for a short period longer.
How shows the graph from the firm that manages on-chain data, the bitcoin reserves of all miners are at one of their lowest points since February of this year.
In total, miners hold 1,812,221 BTC. On November 13, said reserve was represented by 1,815,028 BTC. This means that today, September 15, miners own 2,807 BTC less.
According to Cryptoquant, the reserve of bitcoin miners is the “amount of coins that the wallets of the identified miners have. This value indicates the reserve that miners have not yet sold. When miners start selling, this could cause a price drop.”
According to Cryptoquant, the drop in bitcoin prices could be due, at least in part, to to a brief capitulation of the minersbut also for the sale of bitcoin in the hands of retail and institutional holders in the spot market (spot).
Why do the miners capitulate?
Capitulation of your reserves, that is, the mass sale of your bitcoin holdings, is a common strategy of participants in this industry.
Bitcoin mining is a resource-intensive process, requiring specialized hardware and significant energy consumption. The sale of BTC in reserves allows them to cover operating costs and stay afloat in a market characterized by its seasonalitywhich depends on the price of the crypto asset to survive and be profitable. Miners, by selling their reserves, seek to minimize risks and ensure immediate liquidity.
As CriptoNoticias reported, bitcoin mining is once again becoming an attractive activity. The fixed subsidy fee of 3,125 BTC (post halving April 2024) is above $275,000, with bitcoin trading above $89,000.
The BTC held in reserve do not come solely from block subsidies, but must be added to the transaction fees that miners receive for including transactions in the network.
