Faced with a decline in income after the May halving, miners again began to sell more bitcoins than they currently earn. This is stated in a new report by Arcane Research.
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A metric proposed by analysts called Miner’s Rolling Inventory [MRI] tracks the difference between the number of coins that miners generate and which move.
From the end of March and up to the halving, the MRI has been decreasing, at a certain stage it has fallen below 100%, however, after May 11 it has gone up again and currently stands at about 105%.
An MRI below 100% means that miners sell less than they mine and their working capital reserves increase. An indicator above 100%, on the contrary, indicates that they mine less than they sell.
According to analysts, this clearly indicates a change in mood among miners after the halving, as a result of which their reward for the found block decreased from 12.5 BTC to 6.25 BTC.