Bitcoin miner profitability is on show for all to see amid concerns over BTC price susceptibility to their activities.

Bitcoin miners could be among the largest profit-takers as BTC price struggles near $43,000, data shows.

The latest figures from on-chain analytics firm Glassnode confirm mass offloading continuing into year end.

Analyst: Bitcoin miners "absolutely printing"
Since mid-October, Bitcoin miners have been reducing their BTC balances on a practically constant basis.

In the 24 hours to Dec. 28 — the latest date for which Glassnode numbers are available — the BTC balance in miner wallets declined by 700 BTC.

Versus a local top on Oct. 22, miners’ balances are down 12,700 BTC.
In that period, BTC/USD has risen from $30,000 to near $45,000, subsequently consolidating into the yearly candle close.

For popular trader and social media commentator Ali, however, the impact of miner activity could be weighing on the odds of bullish price continuation. Citing separate numbers from on-chain analytics platform CryptoQuant, he called the balance reductions “substantial.”

Miners have enjoyed a significant revenue boost in Q4, with ordinals inscriptions spiking fees amid the highest BTC price levels since April 2022.

Analyzing their cost basis, Charles Edwards, founder of quantitative Bitcoin and digital asset fund Capriole Investments, underscored just how profitable the sector currently is.

“Bitcoin miners are absolutely printing,” he summarized in a post on X (formerly Twitter) this week.

“With Miner Price at $64K, they are making 50% extra on top of the Bitcoin price.”

Source - Coin Telegraph