Bitcoin miners and investors refuse to sell their BTC

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The recent adoption of the world’s flagship cryptocurrency asset by some institutions and many retail investors has given Bitcoin miners and investors incentives to start keeping BTC and refuse to sell them.
Taking a precise look at wallets or addresses belonging to Bitcoin miners via Glassnode analytics, Nairametrics understood that most Bitcoin miners refuse to sell their cryptos, despite BTC’s price increasing since the recent halving.
Glassnode analytics also revealed that BTC miners currently hold more than 1.8 million BTC, recording the highest amount held by miners in over two years. Same as Bitcoin investors, miners have decreased the sell-offs.
This macro stated above makes a solid case for Bitcoin bulls because Bitcoin miners typically sell their BTCs to cover operational costs like electricity bills, and computing hardware. Even though the price of Bitcoin has gained more than 35% since the most recent halving, BTC miners now prefer to hold their BTCs for now. This means that BTC supply is tightening, as miners refuse to pump their coins into the crypto market.
BTC miners help in facilitating BTC transactions and providing security on the blockchain network. The importance of BTC miners can’t be underestimated as they perform these functions, by solving computational tasks which permit them to chain together blocks of transactions.
Bitcoin mining involves the act of solving tasks that come in the form of algorithms in affirming a transaction and fixing it within a block on the blockchain.
By mining BTC, you can earn a BTC without having to pay money for such. BTC miners collect BTC as a reward for completing “blocks” of confirmed transactions which are added to the blockchain network.
Similarly, Bitcoin holders are keeping their crypto. The percent of BTC supply that hasn’t moved for at least two years has spiked from 34% in July 2019 to 44% as today. The current level is the highest point reached in over three years.
This particular metric reached its all-time high of over 46% before the parabolic price increase of late 2017 and early 2018. However, as Bitcoin was approaching its ATH of nearly $20,000, investors were disposing of their coins and the trend endured for more than a year before 2019’s reversal.
Another metric reaffirming the increased HODLing mentality from BTC holders is the so-called 1-year+ HODL wave. It displays the amount of the primary crypto which hasn’t moved on the blockchain in the last year. And, the monitoring resource Cryptowatch recently brought out that it has reached a fresh all-time high of over 63%.
 
 
 

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