Recent sharp declines in the Bitcoin (BTC) price appear to coincide with massive ‘coin’ dumping from unknown mining pools. If anything, the May 2020 halving may quite literally be emptying the wallets of unprofitable Bitcoin miners worldwide.
Tweeting on Tuesday, Ki Young Ju, CEO of on-chain crypto analytics platform CryptoQuant, revealed the apparent relationship between the BTC spot price and mining price.
Data from Bloshows that unknown Bitcoin mining pools are the fifth-largest on the network, based on hash rate distribution.
If these reports are correct, more miners will likely exit the network in the coming months. The Bitcoin hash rate is already under pressure and output took an expected dip post-halving.