The amount of Bitcoin held by miners has dropped to the lowest level since July 2021

The amount of Bitcoin held by miners has reached the lowest level since July 2021. According to Glassnode data, the number of bitcoins in miner wallets has decreased by 8,426 bitcoins since the beginning of the year, dropping to 1,812,482 bitcoins worth $530 million.

Miners receive 6.25 bitcoins per block, but the halving event scheduled for April will reduce this number to 3.125 bitcoins, a decrease of 50%.

To cope with the changes brought about by halving, miners may be using stored bitcoins to purchase more efficient equipment to lower operating costs. Additionally, the prolonged dry season in southwestern China may also be one of the reasons for the decline in miners' bitcoin balances.