Bitcoin Miners Resell: CryptoQuant

Bitcoin (BTC) has fallen by 4.5% in the past seven days, to a monthly low of $65,000. This fall in the value of the digital asset can be linked to the increase in the sale of mining components.

In the latest CryptoQuant weekly report, the number of BTC sent from Bitcoin miners to the exchange reached a two-month high as analysts report that their revenues are declining due to lower transaction fees.

Mineral sales hit a two-month high

On June 9, BTC hourly transfers, mainly from the btc.com mining pool, to crypto exchange Binance hit a two-month high of more than 3,000 BTC. The next day, miners traded at least 1,200 BTC on the writing tables, marking the highest daily volume since late March, bringing the daily volume to 1,600 BTC.

Large Bitcoin mining companies have increased their sales activity. One of these is US-based Marathon Digital, which has uploaded 1,400 BTC so far in June. The firm's June sale represented 8% of its total holdings, a huge increase from the 390 BTC sold in May.

The increased sales from Bitcoin miners come as revenues are lower following the halving. Daily mining revenues fell to $35 million, down 55% from $78 million, the peak reached in March.

Daily bitcoin transaction fees now hover around 65, down from a record high of 117 before the halving. Additionally, despite the high volume of transactions seen on the network over the past few weeks, average transaction fees in USD have remained low.

Miners experience high Hashrate.

While miners have increased their sales due to lower revenues, the hashrate of the Bitcoin network remains high. Mining fell by just 4% after halving in April, putting further pressure on miners.

A higher hashrate means miners need more computing power, energy, and time to verify transactions and add blocks to the chain. It also means that miners have low pay or very low pay. Notably, they were being paid well up to the time of writing.

Bitcoin's hashrate currently stands at 599EH/s, down slightly from its pre-halving rate of 622 EH/s. Miners are now under intense pressure to compete for lower block rewards relative to BTC.

CryptoQuant analysts point to low mining revenues and a period of high hashrate for price volatility. It remains to be seen how low BTC can go before the market rallies.