Miners again began to sell previously earned bitcoins to cover expenses

06.06.2020

ForkLog

Faced with declining incomeafter the May halving, miners again started selling more bitcoins than they are currently earning. This is stated in a new report by Arcane Research.

A metric proposed by analysts called Miner’s Rolling Inventory [MRI] tracks the difference between the number of coins miners generate and move.

As you can see in the chart below, from the end of March until the halving, the MRI declined, at a certain stage it fell below 100%, but after May 11 it went up again and is currently about 105%.

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An MRI below 100% means miners are selling less than they are mining and their circulating reserves are increasing. An indicator above 100%, on the contrary, indicates that they extract less than they sell.

As analysts write, this clearly indicates a change in mood among miners after the halving, as a result of which their reward for the block found decreased from 12.5 BTC to 6.25 BTC.

Recall that earlier this week, an unknown mining pool sold 2,293 bitcoins after reaching the $ 10,100 mark. This could have triggered a blistering BTC collapse to $ 9,100 on June 2.