Bitcoin miner holdings, hashrate, and profitability metrics were reported as of May 30, 2:00 PM, according to data from cryptocurrency analytics firms CryptoQuant, Blockchain.com, and Viziometrics. The weekly mining report follows the Bitcoin halving event that occurred on April 20, 2024, when mining rewards were reduced by half. Miner Bitcoin holdings stood at 1,801,511 BTC, the hashrate 7-day moving average reached 1,011,152,550 TH/s, and the Puell Multiple registered 0.77. The halving is a process that reduces Bitcoin mining rewards by half approximately every 4 years, driving heightened interest in mining metrics.
Miner Bitcoin Holdings Drop to Two-Month Low
Miner Bitcoin holdings totaled 1,801,511 BTC (approximately 197.8815 trillion KRW) as of May 30, 2:00 PM, according to CryptoQuant charts. This represents a decrease of 568 BTC (approximately 623 billion KRW) compared to 7 days prior. The decline indicates miners are using mined Bitcoin for selling, lending, or collateral purposes, according to the source. This marks the first time the metric has fallen to this level since March 23, approximately 2 months ago.
12-month trend of miner BTC holdings as of May 30, 2:00 PM. Source: CryptoQuant
Bitcoin Hashrate 7-Day Average Increases by 33 Million TH/s
The Bitcoin hashrate 7-day moving average stood at 1,011,152,550 TH/s (terahash per second) as of May 30, 2:00 PM, according to Blockchain.com data. This represents an increase of approximately 33,281,047 TH/s compared to 7 days prior. The increase indicates growing mining demand among miners, according to the source. Hashrate refers to the total computational processing power deployed on the network to mine Bitcoin.
24-hour BTC hashrate trend as of May 30, 2:00 PM. Source: Blockchain.com
Bitcoin Puell Multiple Declines to 0.77
The Bitcoin Puell Multiple registered 0.77 as of May 30, 2:00 PM, according to Viziometrics. This represents a decrease of 0.14 compared to 7 days prior. The Bitcoin Puell Multiple is calculated by dividing daily Bitcoin mining output by the 365-day moving average, serving as an indicator to assess market overheating or undervaluation relative to mining output and gauge trading timing. A reading above 4 indicates overheated mining output, which typically leads to Bitcoin price declines, according to the source. Conversely, a reading below 0.4 indicates significantly reduced miner profitability and Bitcoin undervaluation, which leads to Bitcoin price increases.
12-month BTC Puell Multiple trend as of May 30, 2:00 PM. Source: Viziometrics
The metrics are based on data from May 23 to May 30.
FAQ
What does the decrease in miner Bitcoin holdings indicate?
The decrease in miner Bitcoin holdings to 1,801,511 BTC as of May 30 indicates miners are using mined Bitcoin for selling, lending, or collateral purposes, according to CryptoQuant data. This marks the lowest level since March 23.
Why did the Bitcoin hashrate increase by 33 million TH/s?
The Bitcoin hashrate 7-day moving average increased by approximately 33,281,047 TH/s to reach 1,011,152,550 TH/s as of May 30, indicating growing mining demand among miners, according to Blockchain.com data.
What does a Puell Multiple of 0.77 suggest about Bitcoin valuation?
A Puell Multiple of 0.77 as of May 30 falls between the overheated threshold (above 4) and undervalued threshold (below 0.4), according to Viziometrics. The metric decreased by 0.14 from 7 days prior.
