Bitcoin Miners Dump 30,000 BTC Worth $1.83 Billion In June, Fastest Selloff Pace In Over A Year

Updated: 24 June 2024

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Bitcoin miners sold more than 30,000 BTC worth $1.83 billion this month, the fastest sell-off rate in over a year.

According to IntoTheBlock, Bitcoin miner reserves stood at 1.94 million BTC at the beginning of June. By June 22, the BTC reserves had dropped below 1.91M, the lowest level in over 14 years.

🚨 Bitcoin miners have sold over 30k BTC (~$2B) since June, the fastest pace in over a year. The recent halving has tightened margins, prompting this sell-off. pic.twitter.com/dy289bu7p4

— IntoTheBlock (@intotheblock) June 22, 2024

While reserves are at record lows, the fiat value of the holdings stands at around $118 billion, which is a record high following BTC’s notable price increase in the last decade.

Bitcoin Miners Sell to Meet Production Costs

The recent sell-off stems from the Bitcoin halving event that tightened miner margins. The halving event occurred in April, slashing rewards from 6.25 BTC to 3.125 BTC.

A Coinshares report published in April detected that the average production cost per BTC stood at around $53,000. With miners earning less as production costs soar, they are forced to sell to sustain activities.

The selling behavior is contributing to a significant decline in the Bitcoin price. The king of cryptos has lost 12% of its value within two weeks to trade at $61,053 on June 24 as of 05:47 a.m. EST.

The altcoin market is also in the red. In the last 24 hours, Ether, BNB, and Solana have plunged by around 5%, 4% and 6%, respectively. The global crypto market cap has also dropped by 4.6%.

Despite the bearish market sentiment towards Bitcoin, the 99Bitcoins (99BTC) ICO is garnering interest, having raised over $2.2 million in its presale. 99Bitcoins has been a pivotal player in the crypto space since 2013, using its Learn-to-Earn concept to improve blockchain knowledge.