The ownership of Bitcoin by the top three mining pools, namely Viabtc, Bitfury, and Antpool, currently stands at 1.92 million BTC. Recent statistics published by IntoTheBlock reveal a significant decrease in the amount of Bitcoin held by miners, reaching its lowest level in the past 12 years. This decline coincides with a rise in mining outflows by 52%.
Miners are currently facing a challenging period, as the worldwide Bitcoin network hashrate has experienced a decline. After peaking at 714.89 EH/s on March 24, it has now dropped to 624 EH/s. Analysts predict that this decline will have a substantial impact, particularly on operations with lower mining efficiency. The decrease in block rewards resulting from the recent halving event will further exacerbate these issues.
The halving event has caused a loss of $445 million, as Bitcoin payouts have been reduced by half. Consequently, miners are expected to witness a significant drop in their profits from block rewards, estimated to be around $10 billion.
Historical data suggests that post-halving periods often see price increases that aid in recovery. However, this bull run is different from previous ones, as there was no pre-halving increase that could have been influenced by Bitcoin ETF launches. Therefore, the outcomes of this period might differ from the usual pattern.
Transaction fees, which were once the primary source of income for miners, now make up only a small portion of their revenue. In this case, the majority of the revenues came from block rewards, with transaction fees contributing a mere $11 million.
In other news, Ethereum investors remain optimistic as ETH continues to display resilience above the $3,000 mark.
