Bitcoin Miners Reserve

Miners receive Bitcoin as a reward for processing transactions and securing the network, a fixed amount per block that halves every four years, plus transaction fees. Coins arrive in a miner's wallet in a pattern nothing else on the chain produces, which is how we recognise those wallets ourselves. When coins later leave one of them, the next destination is usually an exchange (to sell) or a long-term storage wallet (to hold).

This page tracks how fast Bitcoin is leaving miner wallets relative to their total stash. The daily ratio (BTC sent out today ÷ total BTC held) is smoothed over 7 days to filter out one-off noise. Then today's pace gets compared against where it has sat over the last 4 years. That comparison is the percentile shown on the page.

Raw selling rates are hard to read on their own. They shift with reward halvings, mining difficulty, and changes in how wallet trackers label addresses. The percentile framing strips that out. "Miners Are Holding" (low percentile) and "Selling Heavily" (high percentile) mean the same thing across cycles. When the pace stretches toward either extreme, it usually means miner behavior has changed, and that's worth noticing.

One thing to hold on to about the size of the pile. These numbers cover the miner wallet groups our own tracing can reach, not every coin ever mined. Grouping learns who owns a wallet from coins being spent together, so a miner that receives and simply sits is invisible to it until it moves something. That makes the total here smaller than a figure that counts every address anyone has ever labelled as a miner, and it is why the reading is published as a position in its own four-year range rather than as a headline number of coins. The share is the part that carries meaning; the total is the part we can show our working for.