Onchain Highlights
DEFINITION: Balances in miners' wallets is not itthe total supply held in miners' addresses.
Bitcoin miner balances have shown significant changes in recent months. Miners' wallet balances have seen a steady decline since late 2023, reaching levels not seen in years, reflecting miners' response to the recent Bitcoin halving in April 2024.
![Balance in miners' wallets: (Source: Glassnode)](https://cryptoslate.com/wp-content/uploads/2024/05/miner-2.png)
According to Glassnode data, miners' balances fell from around 1.84 million BTC in early 2023 to almost 1.8 million BTC in May 2024. This reduction is indicative of an increase in sales by miners for cover operational costs, likely exacerbated by reduced block rewards. after the halving.
CryptoSlate reported that transaction fees increased after the halving, component up to 75% of miner revenues as miners adapt to lower block rewards by relying more on transaction fees. This change illustrates a fundamental shift in miners' sources of income and could influence their future strategies.
![Balance in miners' wallets: (Source: Glassnode)](https://cryptoslate.com/wp-content/uploads/2024/05/miner-1.png)
![Balance in miners' wallets: (Source: Glassnode)](https://cryptoslate.com/wp-content/uploads/2024/05/miner-1.png)
Overall, the changing dynamics of miner balances and revenue composition reflect the broader impacts of the Bitcoin halving, forcing miners to adapt their strategies to maintain profitability amid a crisis. . changing economic environment.