Bitcoin Miners Sell Holdings Ahead of April Halving That Will Slice Revenue
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Miners' bitcoin holdings have declined by over 8,000 BTC so far this year, continuing a slide that began in October.
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The upcoming bitcoin halving in April will cut miners' per-block revenue in half. Miners may be selling bitcoin to upgrade equipment and remain profitable.
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Miners may also be selling ahead of the halving to financially position themselves for the changes.
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The halving is seen as a stress test for miners since it will simultaneously reduce revenues and increase production costs.
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China's annual dry season from October-March limits hydro power for Chinese miners, who bring more hardware online during the wet season. Chinese miners may be selling to cover inactivity.