Glassnode: miners accumulate BTC. Bitcoin hashrate returned to growth – Bits Media

Miners accumulate BTC on wallets again for the first time since early June. Bitcoin hash rate begins to recover after decline due to closure of mining farms in China.

According to the charts, provided by the analytical companies Glassnode and Santiment, in the last days there have been several positive developments for Bitcoin. BTC miner wallets are growing again, and the hashrate of Bitcoin is being restored.

According to Glassnode, After a period of intensive BTC sales in June, in July, mining companies started accumulating coins on their wallets again. Until June, they also accumulated BTC, as seen on the graph. It means, that now less BTC for sale enters the market.

According to the record
on twitter, published by analysts Santiment, BTC tributary on exchange wallets fell to a 50-day minimum. The volume of bitcoins on wallets controlled by centralized exchanges is also declining. Santiment experts emphasize, what is this, probably, indicates a possible reduction in BTC sales volumes.

The amount of daily inflow of #Bitcoin to known exchange wallets, as well as the total supply of $BTC on exchanges, have experienced a sharp 50-day drop, which may point to diminishing sell-side pressure. Read our take on the state of the markets here. https://t.co/WP37e4nrar pic.twitter.com/Fj0V77JU59

- Sentiment (@santimentfeed) July 12, 2021

According to another graphics Glassnode, Bitcoin hashrate started to recover after recent significant drop. The hash rate went down in June, when the Chinese government submitted
prohibitive measures against local miners, denying them access to energy sources, including miners in the provinces, hydropower-rich.

This move by the Chinese authorities forced mining companies to seek new jurisdictions, choosing more business friendly regions, eg, Kazakhstan, Canada and the USA. In mid to late June, Bitcoin's hashrate dropped to 58 Eh / s – lowest level since 2019 of the year – from the all-time high 171 Eh / s in May.

Chinese journalist Colin Wu (Colin Wu) suggested, that it will be difficult for the BTC hashrate to recover even to 130 Eh / s, not speaking about 171 Eh / s, if China does not stop pursuing a prohibitive policy regarding miners. However now, according to Blockchain.com, Bitcoin hashrate has already recovered to 93 Eh / s.