According to data disclosed by IntoTheBlock Marketing Director Vincent Maliepaard, Bitcoin miners' reserves have decreased by approximately 20,000 BTC since June. The Bitcoin halving event two months ago might be a driving factor behind the recent miner sell-off, as profit margins have been declining since then.

Compass Mining Chief Revenue Officer CJ Burnett stated that large mining companies are still actively purchasing the latest generation of mining machines to improve efficiency, achieve economies of scale, and increase gross profit margins.