Kaiko: Bitcoin mining revenue has significantly decreased, and miners may sell BTC to maintain operations

According to ChainCatcher, The Block reports that the latest data from crypto research and analytics firm Kaiko shows that miners are facing significant selling pressure as Bitcoin mining revenues and transaction fees decline.

Bitcoin miners' income primarily comes from two sources: mining rewards and transaction fees. However, due to the Bitcoin halving in April (which reduced the block reward from 6.25 BTC to 3.125 BTC), miners have had to sell Bitcoin to cover costs. Kaiko researchers noted in their report that halving events typically prompt miners to sell BTC, as the mining process requires substantial expenditures.

Additionally, another source of income for miners, transaction fees, is also on a downward trend. Data from the first week of May indicates that miners' profits from transaction fees are lower than their mining revenues. Analysts believe that, in the current environment of declining market liquidity, miners' Bitcoin sales could have a significant impact on the crypto market. For example, Marathon Digital holds Bitcoin worth $1.1 billion, and selling even a small portion could trigger severe market volatility.