Coin Metrics has proposed a new method for evaluating the assets of Bitcoin miners
The analytical company Coin Metrics in its report offers a new way of assessing the assets held by Bitcoin miners. Miners, albeit to a lesser extent, put pressure on the market, constantly acting on the side of sellers, as they receive new coins, and do not buy them.
Coin Metrics collected all addresses receiving payments directly from mined blocks and labeled them as “step zero”. Subsequent recipients of bitcoins from these addresses have been designated as the “first step”. The peculiarities of the functioning of mining pools assume that at the zero step, mainly the addresses of the pools will be presented, and at the first step, the addresses of individual miners. For this reason, assessment methodologies that consider only step zero do not capture the whole picture. Analysts admit that their model may not be entirely accurate either..

“Of course, defining miners and pools based on distance from a coinbase transaction is not an ideal approach. This is especially true for the analysis of networks in the early stages, where there are mainly individual miners. Since the first mining pool Slush Pool began mining only in December 2010, you should not be guided by the data before this period, “analysts say..

The number of coins at the zero and first steps decreases over time. The trend was disrupted in the second half of 2019 and the first half of 2020 ahead of the halving. It turned out that in this segment, miners’ assets grew by 383,000 BTC, mainly due to addresses from the first step, while the values of addresses from the zero step remained relatively constant..

“The decline in miner assets is consistent with the broader trend in the spread of the Bitcoin supply. But even today, miners and pools control a significant proportion of the total Bitcoin supply, ”conclude Coin Metrics.
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