A new report from analytics provider CoinMetrics shows that the significant influence of miners on the Bitcoin network is gradually diminishing.

The study analyzed the addresses and costs of miners and pools to determine if their impact on the network as a whole has changed over time. Since miners receive the newly issued bitcoin instead of buying it, they are the natural net sellers of the asset.

Measuring the net flow for two types of headers associated with block bonuses showed a gradual decline in the impact of miners on liquidity:

“Indicators in the chain, such as bimetal stocks and net transport, show that the impact of the two metals on the grid is slowly declining.”
Operating costs such as energy and rent are denominated in securities, increasing the pressure to lease bitcoins. The study found that the percentage of supplies held by miners declines over time.

Both the addresses that received the block bonus and the addresses that received instant transactions from them reduced the number of coins stored.

In the context of the general presentation, the phasing out of supplies supported by miners and pools is more pronounced. However, the report emphasizes that miners and dam workers still control “a significant portion” of the total supply.

Miners, especially those active in the early days of the network, control a large amount of BTC.

But the number of coins miners have has generally decreased over the course of the network’s history.

Read more in this week’s SOTN @ karimhelpme article: https://t.co/UcZy04pACn pic.twitter.com/zqjqmMO7to

– CoinMetrics.io (coinmetrics) November 3, 2020
According to the graph, the percentage of total pool and mining pool supply declined from about 25% in 2015 to about 18% today. Lower holdings mean miners have fewer bitcoins to flood the markets, which reduces the impact on prices.

Net flow was volatile in the early days of the chain, as the quantity of goods sold varied greatly along with prices. However, over time, volatility has gradually declined, probably due to a halving of the number of events and a decrease in block rewards.

“These flows have also witnessed a gradual easing in volatility, which indicates a gradual decline in the impact of miners on liquidity.”
Some of the other calculations on the chain have also seen a decline recently, such as the hash rate, which has dropped due to seasonal changes in China, where most of the mining takes place. According to CoinMetrics, the most recent difficulty adjustment was also noted as the largest one-time descending adjustment in the ASIC period.

Source: CoinTelegraph