Bitcoin miners under pressure as rewards are slashed after halving, says Kaiko

Bitcoin miners are feeling the pressure as the recent halving event is starting to impact their crypto holdings, according to analysts at blockchain firm Kaiko. After the halving, daily average network fees surged, providing some relief for miners. However, these fees have since declined as the initial rush of users to the Runes protocol cooled off. This decline in fees could lead to selling pressure from miners, as creating new blocks involves significant costs that need to be covered. While miners may turn off unprofitable rigs to manage expenses instead of selling Bitcoin, the timing of any potential selling remains uncertain. Kaiko notes that miners classify BTC holdings as “current assets” on their balance sheets, as they can sell holdings to finance operating expenses. If miners are forced to sell even a fraction of their holdings in the coming month, it could negatively impact the markets.