Blockchain
Crypto Miners Still Selling Their Bitcoin as Reward Halving Looms, Blockchain Data Show
The number of bitcoin held in wallets tied to miners has dropped to the lowest since mid-2021.
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The number of BTC held in wallets tied to crypto miners has declined by 8,426 this year, extending the slide that began in October.
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Impending reward halving and the dry season in China might explain why miners are running down their coin stashes.
The number of bitcoin (BTC) held by crypto miners has dropped to the lowest level since July 2021 as they run down their coin stashes ahead of the programmed halving of the revenue earned per block.
Data tracked by Glassnode shows the estimated number of BTC held in wallets tied to miners fell by 8,426 BTC ($530 million) since the start of the year to 1,812,482 BTC. The decline began in the second half of October, when miners held over 1.83 million BTC.
Miners create valid blocks, adding transaction records to the public ledger, or the blockchain. New coins emitted with each block are given to miners as a reward for the work. They also receive transaction fees.
Currently, the miners receive 6.25 BTC per block. The halving, a quadrennial event due in April, will reduce that figure to 3.125 BTC, cutting per-block revenue by 50%. To improve profitability, miners may be using their stored BTC to buy more efficient equipment so that running costs drop, said FRNT Financial, a crypto platform based in Toronto.
“Miners may also be inclined to sell in order to better position ahead of the halving,” FRNT Financial said in a Tuesday newsletter. “This may involve purchasing more efficient mining equipment due to new economics the halving will bring.”
The halving is widely seen as a stress test for miners, as it is expected to reduce revenues and boost production costs simultaneously. Industry consolidation is possible.
The prolonged dry season in the southwest of China, which typically extends from October to March/April, could be another reason for the decline in the miners’ bitcoin balances. China accounts for roughly 20% of the total computing power on the Bitcoin network.
“Miners in some Chinese regions are known to bring online additional hardware during the wet season when hydro power becomes abundant. Conceivably, miners may sell during the dry season to counteract the inactivity of mining hardware,” FRNT Financial said.
Source: Coindesk
The post Crypto Miners Still Selling Their Bitcoin as Reward Halving Looms, Blockchain Data Show appeared first on HIPTHER Alerts.
The blockchain world continues to captivate with its blend of innovation, controversy, and global collaboration. In today’s briefing, we spotlight the latest developments, from token launches to regulatory crackdowns and academic partnerships.
KuCoin Introduces Trump Token on Spot Trading Platform
KuCoin has launched the official Trump Token on its spot trading platform, adding a new layer of political intrigue to the cryptocurrency market. Designed to capitalize on the former U.S. President’s enduring influence, the token represents the intersection of digital assets and cultural zeitgeist. While the move has garnered attention, it also raises questions about the broader implications of politically themed tokens in the blockchain space.
Source: PRNewswire
Trump Immortalized on Bitcoin Blockchain
Donald Trump’s image has been etched into Bitcoin’s blockchain, ensuring his face remains a permanent part of the decentralized ledger. This act highlights the creative and often polarizing ways blockchain technology can be utilized for artistic and symbolic purposes. The incident has sparked debate about the ethical and practical considerations of embedding non-financial data in immutable systems.
Source: Decrypt
Ripple Partners with Ireland’s Trinity College
Ripple has joined forces with Trinity College in Ireland to address pressing blockchain challenges. This partnership aims to advance research and develop innovative solutions to improve blockchain technology’s scalability, efficiency, and security. Such collaborations between academia and industry are vital for fostering the next generation of blockchain breakthroughs.
Source: Crypto.News
SEC Takes Action Against Engineer in GME Rug Pull Case
The U.S. Securities and Exchange Commission (SEC) has charged a New York engineer for orchestrating a rug pull involving a cryptocurrency named GME. The incident underscores the ongoing regulatory scrutiny facing the blockchain industry and highlights the need for robust consumer protection mechanisms to prevent fraudulent activities.
Source: Cryptopolitan
The Gambia’s Blockchain-Powered Digital Infrastructure Plan
The Gambia is embarking on an ambitious project to develop blockchain-powered digital infrastructure. This initiative aims to enhance governance, improve transparency, and boost economic growth. By leveraging blockchain technology, The Gambia seeks to position itself as a trailblazer in utilizing decentralized solutions for national development.
Source: Coingeek
Reflections and Projections
The blockchain ecosystem’s diversity is evident in today’s stories. KuCoin’s launch of the Trump Token and the embedding of Donald Trump’s image on the Bitcoin blockchain illustrate the interplay of culture and technology. Meanwhile, Ripple’s academic partnership with Trinity College highlights the sector’s commitment to solving foundational challenges.
The SEC’s enforcement actions remind us of the importance of regulatory oversight in ensuring the industry’s integrity. Lastly, The Gambia’s forward-thinking adoption of blockchain for national infrastructure development serves as an inspiring example of blockchain’s potential to drive meaningful change.
As the industry evolves, the balance between innovation, regulation, and ethical considerations will remain critical.
The post Blocks & Headlines: Today in Blockchain (KuCoin, Ripple, Trinity College) appeared first on News, Events, Advertising Options.
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