{"id":423748,"date":"2020-05-13T20:00:36","date_gmt":"2020-05-13T20:00:36","guid":{"rendered":"https:\/\/wncen.com\/?p=423748"},"modified":"2020-05-13T17:44:38","modified_gmt":"2020-05-13T17:44:38","slug":"post-bitcoin-halving-miners-have-dumped-5m-more-btc-than-before","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/post-bitcoin-halving-miners-have-dumped-5m-more-btc-than-before\/","title":{"rendered":"Post Bitcoin Halving, Miners Have Dumped $5M More BTC Than Before"},"content":{"rendered":"<p>The <a href=\"\/tag\/bitcoin-halving\" rel=\"nofollow\">Bitcoin halving<\/a> finally happened this week, cutting the reward miners receive in BTC for their efforts by 50%.<\/p>\n<p>The event has been widely expected to influence Bitcoin price in a positive way. However, miners aren&#8217;t following the plan and instead are dumping more BTC than ever on the market.<\/p>\n<h2>Bitcoin Halving Is Here, But the Opposite of What Was Expected Is Happening<\/h2>\n<p>Every four years or so, each <a href=\"https:\/\/trends.google.com\/trends\/explore?q=bitcoin%20halving&amp;geo=US\" target=\"_blank\" rel=\"noopener nofollow\">Bitcoin halving<\/a> reduces the overall supply miners receive for validating the network.<\/p>\n<p>The reduction in the already limited supply of BTC is built directly into the protocol itself.<\/p>\n<p>Each Bitcoin halving in the past has ignited a new bull run and caused Bitcoin to soar to a new all-time high.<\/p>\n<p>The theory behind this cycle is that the cost to validate each block and add it to the blockchain remains the same regardless of how much BTC is rewarded.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2020\/05\/08\/global-macro-economist-shares-3-perfect-bitcoin-charts-with-1m-btc-targets\/\">Global Macro Economist Shares 3 Perfect Bitcoin Charts With $1M BTC Targets\u00a0<\/a><\/strong><\/em><\/p>\n<p>Thus, the halving causes an overnight revenue drop in miners. This is due to an increase in production costs realized through the less BTC received.<\/p>\n<p>Once this happens, miners are expected to cease selling <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> at a loss, causing an offset in supply and demand. Price spikes as a result.<\/p>\n<p>However, metrics tell a different tale. The complete opposite is happening, and miners are dumping as much as $5 million in BTC more on the first day since the halving.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Interesting day. Blows my mine so many miners are dipping in <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTC<\/a> stock piles to sell savings right now.<\/p>\n<p>Sold 622 more <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#Bitcoin<\/a> than were mined today. <a href=\"https:\/\/t.co\/e5si925Dzo\" rel=\"nofollow\">pic.twitter.com\/e5si925Dzo<\/a><\/p>\n<p>&mdash; MeanHash \u20bf \u272a (@MeanHash) <a href=\"https:\/\/twitter.com\/MeanHash\/status\/24116227?ref_src=twsrc%5Etfw\" rel=\"nofollow\">May 13, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>Miners Dip Into BTC Stockpile, Dump Another 622 BTC More Than What Was Mined<\/h2>\n<p>According to data, rather than less BTC being sold by miners, an additional 622 BTC worth of sell pressure hit the market post-halving.<\/p>\n<p>That is, 622 BTC more than what was actually mined during the same day. Not only does this suggest that miners aren&#8217;t holding their BTC more tightly, they are even dipping into stockpiles currently.<\/p>\n<p>What isn&#8217;t clear is which miners are currently tapping into their <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> savings to sell. However, capitulation could be in the air.<\/p>\n<p>Some of the most well-respected researchers have <a href=\"https:\/\/wncen.com\/2020\/05\/12\/bitcoin-expert-mentally-prepare-10000-may-take-another-100-days-to-break\/\">warned that Bitcoin will see a crash<\/a> if prices don&#8217;t rise soon. The cost of producing each BTC has now risen, and the least efficient miners are at risk of being shaken out.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2020\/05\/09\/the-greatest-shakeout-bitcoin-reclaims-generational-log-curve-with-160-rally\/\">The Greatest Shakeout: Bitcoin Reclaims Generational Log Curve With 160% Rally\u00a0<\/a><\/strong><\/em><\/p>\n<p>Miners who can&#8217;t generate enough revenue to cover energy expenses and still make a profit may need to shut down and find another business model entirely.<\/p>\n<p>Should this occur, the selling of stockpiles will only increase, not decline, in the near term.<\/p>\n<p>After any remaining weak miners are shaken out, the state of the <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> network will be at full health. The stage will finally be set for the next bull run.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Bitcoin halving finally happened this week, cutting the reward miners receive in BTC for their efforts by 50%. The event has been widely expected to influence Bitcoin price in a positive way. However, miners aren&#8217;t following the plan and instead are dumping more BTC than ever on the market. Bitcoin Halving Is Here, But the Opposite of What Was Expected Is Happening Every four years or so, each Bitcoin halving reduces the overall supply miners receive for validating the network. The reduction in the already limited supply of BTC is built directly into the protocol itself. Each Bitcoin halving in the past has ignited a new bull run and caused Bitcoin to soar to a new all-time high. The theory behind this cycle is that the cost to validate each block and add it to the blockchain remains the same regardless of how much BTC is rewarded. Related Reading | Global Macro Economist Shares 3 Perfect Bitcoin Charts With $1M BTC Targets\u00a0 Thus, the halving causes an overnight revenue drop in miners. This is due to an increase in production costs realized through the less BTC received. Once this happens, miners are expected to cease selling Bitcoin at a loss, causing an offset in supply and demand. Price spikes as a result. However, metrics tell a different tale. The complete opposite is happening, and miners are dumping as much as $5 million in BTC more on the first day since the halving. Interesting day. Blows my mine so many miners are dipping in $BTC stock piles to sell savings right now. Sold 622 more #Bitcoin than were mined today. pic.twitter.com\/e5si925Dzo &mdash; MeanHash \u20bf \u272a (@MeanHash) May 13, 2020 Miners Dip Into BTC Stockpile, Dump Another 622 BTC More Than What Was Mined According to data, rather than less BTC being sold by miners, an additional 622 BTC worth of sell pressure hit the market post-halving. That is, 622 BTC more than what was actually mined during the same day. Not only does this suggest that miners aren&#8217;t holding their BTC more tightly, they are even dipping into stockpiles currently. What isn&#8217;t clear is which miners are currently tapping into their Bitcoin savings to sell. However, capitulation could be in the air. Some of the most well-respected researchers have warned that Bitcoin will see a crash if prices don&#8217;t rise soon. The cost of producing each BTC has now risen, and the least efficient miners are at risk of being shaken out. Related Reading | The Greatest Shakeout: Bitcoin Reclaims Generational Log Curve With 160% Rally\u00a0 Miners who can&#8217;t generate enough revenue to cover energy expenses and still make a profit may need to shut down and find another business model entirely. Should this occur, the selling of stockpiles will only increase, not decline, in the near term. After any remaining weak miners are shaken out, the state of the Bitcoin network will be at full health. The stage will finally be set for the next bull run.<\/p>\n","protected":false},"author":517,"featured_media":423754,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,8856,1119,1144,78790,6664,2989,76835],"class_list":["post-423748","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-bitcoin-halving","tag-btc","tag-btcusd","tag-btcusdt","tag-crypto","tag-miners","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>Post Bitcoin Halving, Miners Have Dumped $5M More BTC Than Before<\/title>\n<meta name=\"description\" content=\"The Bitcoin halving finally happened this week, cutting the reward miners receive in BTC for their efforts by 50%. 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The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \\\"The Bull,\\\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \\\"The Bull\\\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. 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