Analysis: Bitcoin miners sell an average of 19K BTC daily in August

Bitcoin miners have been selling an average of 19,000 BTC per day in early August due to falling Bitcoin prices and record-high mining difficulty, Decrypt reported, citing data from blockchain analytics firm CryptoQuant. The April halving event, which reduced mining rewards by half, has significantly diminished profitability, causing miners to sell more coins to cover rising costs. This trend was particularly noticeable when Bitcoin briefly dropped below $50,000 on Aug. 5. Miners' average operating profit fell to 25%, the lowest since January, suggesting that this selling pressure might indicate a miner capitulation event, CryptoQuant told the media outlet.