Bitrabo Editorial
Recent data on Bitcoin mining activities shows that early miners of the cryptocurrency have reaped significant profits within the current price range.
Bitcoin Miners Profit from $62,000 to $70,000
According to CryptoQuant’s CEO Ki Young Ju, early Bitcoin miners have made substantial profits this year. Early miners are individuals who joined the Bitcoin network in its early stages of development.
While miners typically sell their mined coins to cover operational costs, some opt to hold onto them. Some early miners have not touched their block rewards for a long time, possibly due to forgotten wallets or lost keys.
However, there has been recent activity among these early miners, as they have started moving their assets again. The chart below illustrates the trends in profits realized by these early miners over the years.
The “realized profit” metric reflects the total profit earned by early miners through their transactions, calculated by comparing the price at which the coins were last moved by these entities to the current spot price when they are moved again.
This year, spikes in this metric, especially within the $62,000 to $70,000 price range, have resulted in total profit-taking amounting to $550 million.
Historically, such profit-taking behaviors by early miners during bull markets are not uncommon. Long-term holders (LTHs) and whales, holders of at least 1,000 BTC, have also been actively realizing profits. The chart below shows the profit-taking activity of long-term holder whales:
Bitcoin Price
Currently, Bitcoin is trading at approximately $65,000, with a slight decrease of 4% over the past week.