According to a research by CryptoQuant, transfers of bitcoin (BTC) from mining pools to exchanges hit a two-month high this week as BTC remained close to its local high of $70,000. After the bitcoin halving, which reduced daily mining earnings, miners’ desire to profit from their holdings led to a surge in sales through over-the-counter (OTC) desks. On June 10, miners sold at least 1,200 BTC, the most they had in the previous two months.
Miners transferred almost 3,000 BTC ($209 million) to exchanges the day before, with the majority of that amount coming from the btc.com mining pool into Binance. A brief decline in bitcoin’s value from $70,000 to $66,000, followed by a few days of recovery, matched the increase in transfers.
With Marathon Digital (MARA) having sold 1,400 BTC ($98 million) since the beginning of the month, selling activity among bitcoin miners in the US has also intensified.According to the report, miners’ daily earnings has dropped to $35 million, a 55% decrease from its peak of $78 million in March. Lower transaction fees following the halving are the reason for the decline in revenue.