Glassnode analysts record a record inflow of BTC from miners to exchanges in 2,5 years

The figure is $30,2 million lower than the highest inflow of $101 million seen in early 2021

12.06.2023 - 13:00

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What’s new? Bitcoin miners sent a significant amount of mined coins to exchanges over the past week, experts at analytics platform Glassnode reported. The largest inflow, which totaled $70,8 million, was recorded on June 3. That is the third-largest inflow ever recorded, which is $30,2 million lower than the highest inflow of $101 million seen during the bull market in 2021.

Across the past week, #Bitcoin Miners have been sending a significant amount of coins to Exchanges, with the largest inflow equal to $70.8M. This is the 3rd largest inflow on record, -$30.2M less than the peak inflow of $101M recorded during the primary bull market of 2021. pic.twitter.com/w4fNFMcxr4 — glassnode (@glassnode) June 11, 2023

What is going on with the mining industry? In April, the average daily income of BTC miners in 30 days rose to $27,34 million, the highest since June 2022.

In May, bitcoin miners’ revenues rose by almost 14%. They earned $916 million, including more than $120 million in transaction fees. Experts from The Block noted that a significant jump in activity on the Bitcoin network led to an increase in profits.

At the end of 2022, Russian miners earned about 50-60 billion Russian rubles from cryptocurrency mining, this put the country in second place in the world ranking after the United States. Industry participants used about 1 GW of electricity to mine cryptocurrencies in the Russian Federation.

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