As Bitcoin halving draws closer, how these people are seeking profits

This pre-programmed event cuts the reward for mining a block in half, aiming to control inflation by limiting new Bitcoin issuance., the BTC miner reserve has been slowly declining since the 26th of February. This metric measures the amount of coins held in affiliated miners’ wallets.Sitting at 2 million BTC at press time, BTC’s miner reserve has fallen by almost 2% in the past two weeks.

Per CryptoQuant’s data, the daily flow of BTC from miners’ wallets to exchanges has risen by over 1000% in the last seven days.Due to the anticipated decline in mining rewards, miners on the Bitcoin network are currently under pressure to sell their holdings and realize a profit before mining costs outpace rewards.“The logic behind this is simple: with the reduction in rewards, the pressure to sell and ensure profitability before mining costs become disproportionate to the reward may increase.

With the Futures market recording mostly positive Funding Rates, the price jump above $70,000 resulted in a liquidation of short positions worth $58 million, perAbiodun is a full-time journalist working with AMBCrypto. He is also a lawyer with over 2 years of experience. With a keen interest in blockchain technology and its limitless possibilities, Abiodun spends his time understanding the technology, building projects, and educating people about it.Subscribe to get it daily in your inbox.

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