Bitcoin miner withdrawals have decreased by nearly 90% since the block subsidy halving, according to data from CryptoQuant. In a Quicktake post on June 28, the on-chain analytics platform suggested that miner sell pressure is “weakening.” Bitcoin miners have spent several months adjusting to the new economic reality after April’s halving, which cut their subsidy per mined block by 50%. Network fundamentals have shown a reshuffling since then, with both hash rate and mining difficulty dropping from all-time highs. “After the Bitcoin halving, mining rewards were cut in half, so older model mining machines were no longer used as they
