Bitcoin miners are facing increased income pressure, as the cooling trend of Meme coin fever leads to a decrease in transaction fees

The main sources of income for Bitcoin miners - mining subsidies and transaction fees - are facing greater selling pressure. The launch of some Meme coins after the halving of Bitcoin has led users to pay miners at higher rates in order to prioritize their transactions, causing transaction fees to skyrocket. However, as the Meme coin craze cools down, these costs have also plummeted significantly. Data analysis company Kaiko stated in a report on Monday that if miners are forced to sell their held Bitcoins within the next month, it will negatively impact the market.

Despite selling off most reserves during the last cryptocurrency crash in 2022, over the past two years, with a strong rebound in digital asset markets, Bitcoin holdings by miners have increased. The two largest public Bitcoin mining companies Marathon and Riot hold 17,631 Bitcoins worth more than $1 billion and 8,872 Bitcoins worth more than $500 million respectively.