Bitcoin miners have been accumulating more BTC over the past few weeks, but selling sentiment has been dominant in the market. While most altcoins have seen double-digit growth, BTC has been relatively slow to move.

JPMorgan has stated that the upcoming Bitcoin halving event will be a crucial test for miners as they face reduced rewards and increased production costs. Miners with lower electricity costs will have an easier time adapting to the changes, while those with higher costs may struggle.

According to Standard Chartered, the price of bitcoin could reach $50,000 this year and $120,000 by the end of 2024, which may lead bitcoin miners to hoard more of the supply. The bank had previously predicted a $100,000 end-2024 forecast for bitcoin in April, but now sees a 20% "upside" to that call. This is due to increased miner profitability per bitcoin mined, allowing them to sell less while maintaining cash inflows, which reduces net bitcoin supply and pushes prices higher.

Over the weekend, the Bitcoin network hash rates reached new record highs, putting pressure on miners as hardware prices increase and profitability remains stagnant. The 7-day and 3-day average hash rates both hit all-time highs, with the 3-day average rising over 18%.

Bitcoin (BTC) halving is one of the most anticipated events in the crypto space, and this event has the potential to propel the asset’s price to new highs. However, experts warn that the halving event could also be a "death knell" for some miners due to the high costs of the process, potentially driving them into bankruptcy.

July 4 (Cointime) - Bitcoin miners have transferred $105 million worth of BTC to exchanges as the cryptocurrency surpassed the $30,000 price point, according to Glassnode. This is the second-largest US dollar-denominated transfer on record. Glassnode also reported a 211% increase in the volume settled on the Bitcoin network year-to-date, indicating improved network utilization.

June 28 (Cointime) - Over the past two weeks, miners have transferred more than $1 billion worth of bitcoin from their wallets to cryptocurrency exchanges, indicating increased trading activity and potential hedging strategies. According to CryptoQuant, approximately 33,860 BTC has been sent to derivatives exchanges, with most funds returning to miners' proprietary wallets.

June 23 (Cointime) - According to a report by JPMorgan, Bitcoin miners who have low electricity costs and a sustainable energy mix are the only ones likely to survive in an increasingly competitive environment. The cost of electricity is the main expense in mining, and miners have been seeking cheaper and more sustainable energy sources to protect their profitability.

June 19 (Cointime) - According to data from Glassnode, Bitcoin miners have transferred more BTC to exchanges in the past week than at any point in the past five years. Despite this, miners are still holding 1.829 million BTC, worth around $49 billion. Some market analysts believe that the miners' transactions indicate their confidence in Bitcoin's future prices, while others suggest that the flow of funds to exchanges suggests that an entity plans to sell. Bitcoin's value has dropped significantly in the past two weeks, but sentiment appears to have shifted after BlackRock applied for a Bitcoin Spot ETF.

Crypto intelligence firm, Coin Metrics, has proposed a more precise approach to measuring Bitcoin's energy consumption by scanning the blockchain for clues to link activity on the network to specific high-powered machines.