Bitcoin Miner Reserves Plunge to Record Low as Revenue Collapses

Bitcoin miners are rapidly depleting their reserves, transferring over 30,000 BTC (worth about $2.6 billion) since November 21, pushing total miner reserves to a record low of 1.803 million BTC. This aggressive monetization is driven by a brutal collapse in mining economics, evidenced by Bitcoin's hashprice falling over 50% to an all-time low of $34.49 per petahash per second. This means that for most operators, the cost to mine a new Bitcoin now exceeds its market price. Despite Bitcoin's price correction, the global hashrate remains high, suggesting well-capitalized public miners are subsidizing operations to force out less efficient private competitors. Analysts warn that if prices do not recover soon, the sector could face widespread capitulation, leading to liquidations of both BTC holdings and physical infrastructure.

(Source：BeInCrypto)