Bitcoin experienced its first real difficulty adjustment a few days ago after the third bitcoin halving. There was already a difficulty adjustment almost 9 days after the halving, but blocks were added that were found before the halving at a higher hashrate. Therefore, many believed that the right miner surrender was still ahead. This would go hand in hand with higher sales pressure on the part of the miners and thus possibly drive the Bitcoin price down.
Bitcoin miner surrender failed to materialize
In order to make an assessment of how the miners are currently behaving and what effects this can have on the Bitcoin price, it is best to use the on-chain data. Some companies have been concentrating on the evaluation of this data for years and regularly provide interesting information. So does the blockchain analysis company CryptoQuant.According to the Miners’ Position Index (MPI), the post-halving miner surrender is over for now. The MPI indicates whether Bitcoin miners sell their BTC or rather accumulate it. The higher the MPI value, the more BTC the miners sell and vice versa. For this purpose 98% of the wallets of all miners are observed and the outgoing transactions are measured.