Bitcoin miners' reserves have been steadily declining since the halving event in April, reaching a significant drop to 3-year lows. This downward trend indicates considerable selling pressure from miners amidst the fluctuating prices and volatility of the BTC market.

Prior to the Bitcoin halving event on April 20, market experts had foreseen potential challenges for Bitcoin miners as block rewards were halved. These predictions have materialized, as BTC miner holdings have seen a sharp decrease over recent months.

According to data from the on-chain analytics platform CryptoQuant, Bitcoin miners' reserves have fallen from 1.84 million BTC in the previous year to approximately 1.80 million BTC currently. This decline suggests that BTC miner holdings are at their lowest levels since the early days of Bitcoin's existence, around 14 years ago.

Additionally, CryptoQuant reveals that BTC miner reserves are down by 50% from previous highs, indicating a surge in selling volume from miners. This heightened selling pressure is likely driven by increasing mining operational costs, as miners sell off their Bitcoin holdings to invest in more efficient mining equipment to maintain financial stability.

The rising cost of BTC mining, fueled by escalating electricity prices and reduced mining rewards, has made the need for more efficient hardware urgent to keep pace with the complexities of BTC mining.

Moreover, Bloomberg has reported that BTC miners could face losses of up to $10 billion in revenue annually due to the widespread effects of the Bitcoin halving cycle. This grim outlook is compounded by BTC mining hash rates reaching 3-year lows following its largest crash since 2021.

Despite massive declines in the price of Bitcoin following the halving event in April, the cryptocurrency is steadily approaching its all-time high, surpassing the $71,000 mark earlier this week. This unexpected surge in momentum has been attributed in part to increased investor inflows into Spot Bitcoin ETFs. The approval of Ethereum Spot ETFs has also positively impacted the price of BTC, indicating growing investor interest in the cryptocurrency.

In response to dwindling reserves among Bitcoin miners, many are turning to Artificial Intelligence (AI) as a means of generating additional revenue. Core Scientific, a prominent BTC mining firm, recently announced a 12-year collaboration with Core Weave, a specialized cloud provider and AI hyperscaler, with plans to support CoreWeave in generating over $3.5 million in revenue over the next 12 years. This collaboration underscores the evolving strategies within the BTC mining sector as players seek innovative solutions to navigate challenges and capitalize on emerging opportunities.