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According to an analyst, miners struggle to sell their Bitcoin

June 6, 2020

Bitcoin (BTC) miners have halved despite huge sales, as suggested by a new data metric.

According to the glass node Miner Outflow Multiple (MOM)Mine basin outflows are close to their historic lows compared to their moving annual average.

Demeester “bullish” in terms of BTC miner data

MOM calculates the currencies that come from the mining pools and compares them to the moving annual average as a ratio.

According to an analyst, miners struggle to sell their BitcoinAccording to an analyst, miners struggle to sell their Bitcoin

MOM calculates the coins that come from the mining basins, and on June 3 this ratio was 0.534 – less than half its value one day before halving on May 10th.

By comparison, there was massive turmoil in December 2018 when BTC / USD hit $ 3.00. This gave a ratio of about 0.28.

In response to the last reading, the founder of Adamant Capital, Tuur Demeester argued that Bitcoin investors have every reason to be optimistic.

Tweeted on Friday:

“Healthy Bitcoin miners” squat “and fighting miners have little BTC left to sell. Bullish.”

Several historical maps of the Bitcoin miners are being terminated

Several historical charts of Bitcoin mine workers’ spending. Source: Glassnode

2018 Bitcoin Bull market channels

As Cointelegraph reported this week, miners’ outflows have decreased significantly in the past two weeks.. After halving, there was a short time when sales were more than miners’ income.

The difficulty of Bitcoin mining, which automatically regulates the incentive to participate in the Bitcoin networkis currently underway to repeat another feature from December 2018, three consecutive downward corrections.

This phenomenon has only occurred twice so far, the other time it was a record of eight consecutive declines in 2011.