Are Miners Selling Their Bitcoin?
When miners send mined coins out, fresh supply hits the market. When they hold on to what they mine, those coins quietly leave circulation.
Miners earn Bitcoin by securing the network — and they eventually have to spend dollars on power, hardware, and payroll. Read more
Miners are selling unusually little of what they hold. Bitcoin is staying in their wallets. Pace at the 4th percentile of the last 4 years.
Miners are selling at the 4th percentile of their last 4 years of behavior. The amount miners hold sits at the 15th percentile — comfortably above recent lows, which means there's no signal they're being forced to sell to cover costs.
The pace has shifted -25.90% over the past week and +11.13% over the past month. Today, 1.2K BTC left miner wallets — small relative to the 1.81M BTC sitting in those wallets.
As long as the pace stays at the low end of its 4-year range, the miner side isn't actively pushing against price. If the pace picks up sharply, that's the first hint to revisit. For now, miners are signaling "hold."
Miner selling pace over 6 months. Currently in the 4th percentile of the last four years.
- Miners are selling unusually slowly — currently at the 4th percentile of the last 4 years.
- The amount miners hold sits at the 15th percentile vs the last 4 years — steady or building, not shrinking.
- Periods this quiet have historically lined up with miners signaling confidence in price. If the pace stays low while price holds, that's a continuing positive read.
Understanding Are Miners Selling Their Bitcoin?
Miners receive Bitcoin as a reward for processing transactions and securing the network — currently about 3.125 BTC every block, plus transaction fees. That Bitcoin lands in wallets that public blockchain analytics can identify because the way coins arrive in those wallets follows a recognizable pattern. When coins later leave one of those wallets, 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.