At a block height of 837,984, there are precisely 2,016 blocks remaining until the upcoming Bitcoin block halving event, where the reward will decrease from 6.25 BTC to 3.125 BTC. In a report shared on the social media platform X last Friday, Cryptoquant highlighted how bitcoin miners will need to innovate and improve post-halving.

Analyzing revenue against hash price, Cryptoquant's analysts noted that despite daily revenues reaching new highs, the miner hash price has dropped by 30% compared to levels before the last halving, indicating a decrease in earnings per unit of computational work. They also observed that BTC mining operations are currently selling off their bitcoin holdings ahead of the fourth halving event.

The researchers stated:

"Some miners are selling more bitcoin before the halving. Daily sales to OTC desks reached 1.6K bitcoin in late March, the highest since August 2023."

Additionally, the analysts highlighted that decreasing transaction fees are adding pressure on bitcoin miners as the halving event approaches. In their recent mining analysis, Cryptoquant revealed that miners are facing increased competition and reduced fees leading up to the reward reduction event.

"Although the daily revenue collected by the entire bitcoin mining industry has reached record-high levels in 2024, bitcoin miners still face challenges," the research study elaborated.