Despite high prices, on-chain data shows miners are less willing to sell Bitcoin

Speculators believe that Bitcoin miners will sell more Bitcoin when the price of Bitcoin ( BTC ) rises. However, despite Bitcoin's recent all-time high (ATH), miners are not selling more Bitcoin than usual , according to on-chain data from sites such as Cryptoquant and Glassnode. On December 22, on-chain researchers from Glassnode explained that miners are not spending more than usual during the coin's record highs .

“Despite the recent rally, Bitcoin miners are not spending more BTC than usual, ” Glassnode said on Tuesday. “The miner outflow indicator shows that Bitcoin miner outflow is high relative to its historical average, it is far from the previous high and even lower than the high in 2019.”

Bitcoin miners have been making a tidy profit since the halving and the bull run a few months ago. Before the halving, it was expected that miners would need the Bitcoin price to remain at $12,500 to achieve the profit level before the halving to break even.

The current level of network hashrate is very high, reaching 139 exahash per second (EH/s), which is provided by 14 Bitcoin mining pools around the world. With the current Bitcoin price of over $23,000, Bitcoin miners, even older generation miners like S9 , have made relatively considerable profits .

There are 18,579,969 BTC in circulation worldwide today, which is 88.48% of the total supply of 21 million so far. Before the halving in May, BTC 's annual inflation rate remained above 3.6%, and after the halving, Bitcoin's annual inflation rate has dropped significantly to 1.78% .

Miners are finding $20,961,900 worth of BTC (at today’s exchange rate) at an average of 144 blocks per day. Yesterday, 147 BTC blocks were found at a rate of 6 blocks per hour over the past two weeks, and the total output of miners around the world is currently about 918 Bitcoins per day.

While the two-week average for Bitcoin block rewards is $146,046 per block, the average fees per block total 0.81 BTC or $18,837. Glassnode’s on-chain statistics show that physical addresses are holding onto Bitcoin for longer, based on the “ realized hoarding metric ” over the past seven days.

In addition to data from Glassnode, miner outflow statistics from Cryptoquant indicate that Bitcoin miners’ selling has not increased significantly due to BTC prices being so high. Cryptoquant tracks data from major BTC mining pools, including Antpool, Poolin, Btc.com, F2pool, Viabtc, Slush, Dpool, Bytepool, and other smaller, unknown mining pools.