Bitcoin Halving Only 10 Days Away, Get Ready!

Data from Cryptoquant shows bitcoin miners have offloaded their assets in anticipation of the upcoming Bitcoin Halving, which is scheduled to take place in two weeks.

Reporting from Bitcoin.com, Monday (8/4/2024), Cryptoquant highlighted the peak of daily sales to over-the-counter (OTC) trading desks, a figure unmatched since the summer of 2023.

Currently, with a block height of 837,984, there are 2,016 blocks remaining until the upcoming Bitcoin block halving event, which will reduce the reward from 6.25 BTC to 3,125 BTC.

Cryptoquant, in a report shared on social media platform X last Friday, explained how bitcoin (BTC) miners need to innovate and improve post-halving.

In examining earnings against hash prices, Cryptoquant analysts observed that despite daily earnings hitting new peaks, miners' hash prices have plummeted by 30% compared to levels before the last halving, indicating a decline in revenue per unit of computing work.

Analysts also point out BTC mining operations are currently divesting their bitcoin holdings before the fourth halving event.

Additionally, analysts highlight that falling transaction fees are increasingly adding to the burden on bitcoin miners as the halving event approaches.

In its recent mining analysis, Cryptoquant shed light on this predicament, revealing that miners are grappling with increasing competition and falling fees ahead of a reward reduction event.

Even though the daily revenue collected by the entire bitcoin mining industry has reached a record high in 2024, bitcoin miners still face challenges.