Kaiko Report: The total amount of Bitcoin held by miners has dropped to the lowest level in three years

According to Bloomberg, as of August 3, the total amount of Bitcoin held by miners has dropped to about 1,510,300, a decrease of about 2.4% from the highest record in December 2020. This is worth about $86 billion at the recent price, accounting for about 8% of all circulating Bitcoin. Data shows that since the end of 2023 when the price of Bitcoin began to rise, miners have been selling tokens, which is much earlier than the most recent "halving" in April. The proceeds from the sale are usually used by companies to pay for operating costs. Since the latest four Bitcoin software upgrades, mining companies have received fewer new token rewards. Kaiko said that the increase in network fees after the halving temporarily eased the loss of income for miners, but this was only temporary, and the average fee has dropped from the high of $143 after the halving to $2.