The percentage of miner revenue sent to exchanges hit all-time highs in the past few weeks, to according to digital asset manager Grayscale’s June monthly newsletter, citing data from crypto analytics firm Glassnode.
Bitcoin has rallied more than 80% this year to around $31,000. Prices began the year at around $16,500.Last summer, a flurry of public crypto-mining companies sold large amounts of their coin reserves amid a Texas heat wave that forced a drop in production and a number of crypto industry meltdowns.But more heat waves and Bitcoin’s preprogrammed event are likely to further compress the margins.
The bi-weekly figure had been on a steady rise and hit an all-time-high in mid June but it saw a 3.3% decrease in the latest cycle, according to data fromThe update cuts mining rewards, the new tokens issued to compensate miners’ work that validate transaction data on the network, in half every four years until the token reaches its 21 million cap in about 2140.