A Bitcoin selloff may be looming as miners are facing increasing pressure due to a sharp decline in revenue following the April 20 halving which slashed block rewards from 6.25 BTC to 3.125 BTC.from 900 to 450 BTC, resulting in around $10 billion in revenue loss per year based on the prices at the time.
Transaction fees accounted for 16% of BTC earned by Marathon Digital in April, up from 4.5% in March, it noted before adding “the recent decline in fees could lead to selling pressure from miners.” However, they have been holding more over the last two years with a sharp rebound in asset prices which have gained 350% from a cycle low of $16,500 in December 2022 to peak at more than $73,500 in March.The average network hash rate also hit a peak of around 650 EH/s in late April, further compounding miner woes as competition for the next block reward intensifies.
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