Bitcoin miners’ wallet balance has fallen below 1.81 million BTC

Glassnode data shows that the balance of Bitcoin miners' wallets fell from about 1.84 million BTC at the beginning of 2023 to nearly 1.8 million BTC in May 2024. Its reduced balance indicates that miners have increased their selling to cover operating costs, which may be exacerbated by the reduction in block rewards after the halving. Transaction fees surged after the halving, accounting for 75% of miners' income, as miners adapted to lower block rewards by relying more on transaction fees. This shift indicates a fundamental change in miners' income sources and may affect their future strategies. (Cryptoslate)