Bitcoin

Bitcoin Miner Wallet Balances Hit A 10-month Low

The amount of Bitcoin held by miner wallets has decreased to a 10-month low, according to data monitored by Glassnode.

Bitcoin Miner Wallet Balances Hit A 10-month Low 5

According to data monitored by blockchain analytics company Glassnode, the balance held in miner wallets has decreased by $30.4 billion over the last seven days.

Source: Glassnode

The Bitcoin mining hashrate, on the other hand, is moving in the opposite direction; since the beginning of the month, it has been rising steadily.

BTC hashrate. Source: Blockchain.com

In the midst of the panic market caused by FTX, Bitcoin miners or entities generating the cryptocurrency appear to be exhausting their coin reserves.

Some prominent names in the struggling mining industry include Compute North, Argo Blockchain, and Core Scientific.

At the time of writing, BTC is trading at $16,605.

BTC daily chart. Souce: Coincu

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Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.