Bitcoin Miner Reserves Drop to 3-Year Low in Wake of Halving

The amount of Bitcoin held in reserve by the companies who earn a profit by validating transactions on the blockchain has dropped to a three-year low in the wake of the April software code adjustment that slashed revenue.

The total amount Bitcoin held by miners has dropped to around 1,510,300 tokens as of Aug. 3, according to report from crypto researcher Kaiko. That’s down about 2.4% from the record amount held in December 2020. At recent prices, the amount is worth around $86 billion, or around 8% of all the Bitcoin in circulation.