Bitcoin Miner Balance Declines Sparks Debate, Indonesian Authorities Bust Miners

By: Eva Baxter

Key Insights

With the forthcoming Bitcoin halving event of April 2024, notable financial shifts are witnessed in the digital asset infrastructure. Observations indicate a decrease in Bitcoin held in miner addresses from an initial 1.833 million to 1.820 million, leading to speculations of a miner sell-off. Such a sell-off, however, is not confirmed due to the miners-to-exchanges transfer hitting a local low.

Simultaneously, the seven-day moving average for the Bitcoin hash rate shows a decline from 544 exahashes per second (eh/s) to 517 eh/s. These shifts brings to light the hash ribbon metric, a market indicator signalling potential miner capitulation when mining costs exceed profitability.

In other news, Indonesian authorities are cracking down on Bitcoin miners for illegal electricity usage. The miners allegedly tapped into utility poles of the state-owned energy firm to power up their mining facilities.