- The Bitcoin miner’s reserve has risen to its highest level since April.
- BTC has fallen below $70,000 again.
Recently Bitcoin [BTC] Mining problems have subsided, but miners’ incomes have also fallen.
Despite this drop in revenue, miners have yet to start selling their assets, even as BTC falls below $70,000. They choose to hold on to their Bitcoin for the time being.
Bitcoin mining revenues and difficulty are decreasing
According to data from Blockchain.comThe difficulty of Bitcoin mining has remained the same for several days.
The chart analysis shows that the difficulty started decreasing around May 7 and continued until May 10. It has stabilized since then.
This implies that solving the block puzzle to add new blocks now requires less time and fewer resources.
Moreover, BTC miners’ revenue rose to over $107 million more than 30 days ago, but then experienced a sharp decline, falling to $26.4 million on May 1.
At the time of writing, it was trying to recover, likely supported by the recent rise in BTC prices, and was sitting at around $34.1 million. This sales level is comparable to what it was in December 2023.
Miner’s reserve increases in value
AMBCrypto’s analysis of the Bitcoin miner reserve indicated that it has remained stable in recent days, holding approximately 1.816 million BTC at the time of writing.
Although there have been occasional declines, the reserve has maintained this level since May 6.
However, the value of this reserve has increased significantly in recent days. The graph showed that as of May 20, the reserve’s value had increased from about $120 billion to more than $129 billion.
At the time of writing, the reserve’s value is approximately $129.2 billion.
Source: CryptoQuant
Bitcoin drops below $70,000
The increase in the value of the Bitcoin miner’s reserve is due to the spike in BTC prices. On May 20, the price of BTC rose from approximately $66,000 to over $71,000, an increase of more than 7%.
Read Bitcoin’s [BTC] Price forecast 2024-25
However, at the time of writing, BTC had fallen back to around $69,000, down 2% in the past 24 hours.
This price range means that miners’ assets have become more valuable, even if the volume of their assets has not increased significantly.