The number of coins held by miners decreased to the level of 1.92 million BTC, according to IntoTheBlock analysts. This is the minimum value for 10 years, during which there has been a stable trend of selling cryptocurrencies.
The graph shows that in September 2012, the miners brought their reserves to 3.1 million BTC, after which the pools began a stable sale of assets.
The start of sales is associated with the first crypto winter of 2013, as well as the appearance of a large number of exchange platforms and over-the-counter services, which allows to sell large volumes of Bitcoin at stable prices. The periodicity of the stages of accumulation and reduction of stocks coincided with the stages of cryptowinters and halving.
The four-year double reduction in the remuneration of miners for a block, laid down by Satoshi Nakamoto, led to an increase in the BTC rate. The cyclical nature of the process stimulated the mining hold a few months before this event in order to earn speculative profit.
Periods of accumulation did not bring BTC stocks to new highs due to the technological race that has unfolded since the appearance of ASIC miners. Bitmain and other manufacturers of mining equipment in 10 years have quickly gone the way of upgrading chips from 60 nm of process technology to 5 nm.
The growing demand for ASIC miners led to delivery conditions with a six-month delay after payment, which forced farms to invest in equipment by selling BTC stocks. Cryptowinters emerging on the market also caused the sale of Bitcoin to cover operating costs in the face of a sharp drop in mining profits.
The current historical minimum of reserves also fell on the cryptowinter, during which the BTC rate touched the level of profitability of cryptocurrency mining. If we take into account the cyclical nature of the inventory schedule, then next year the miners move to the accumulation phase, waiting for the halving of 2024.