{"id":38306,"date":"2021-03-04T06:00:38","date_gmt":"2021-03-04T04:00:38","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=38306"},"modified":"2025-08-30T04:00:11","modified_gmt":"2025-08-30T01:00:11","slug":"how-much-do-bitcoin-miners-move-the-market-part-ii","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/how-much-do-bitcoin-miners-move-the-market-part-ii\/","title":{"rendered":"How Much Do Bitcoin Miners Move the Market? Part II"},"content":{"rendered":"<p>Analyst Karim Helmi and the Coin Metrics team <a href=\"https:\/\/forklog.com\/en\/news\/how-much-do-bitcoin-miners-influence-the-market-part-i\">developed<\/a> a new methodology for quantitatively assessing the assets at the disposal of Bitcoin miners. Its distinctive feature is the separation of miner activity and mining pools, enabling a more precise assessment of the coins at their disposal.<\/p>\n<p><!--more--><\/p>\n<p>ForkLog presents readers with the translation of the second part of the article <a href=\"https:\/\/coinmetrics.io\/following-flows-ii-where-do-miners-sell\/\" target=\"_blank\" rel=\"noopener\">Following the Flows: When Do Miners Sell?<\/a>. It discusses the impact of miners on Bitcoin\u2019s price and on the exchanges that receive the largest share of mined coins.<\/p>\n<div class=\"wp-block-text-wrappers-keypoints article_keypoints\">\n<ul class=\"wp-block-list\">\n<li>Contrary to popular belief, selling pressure from miners is modest and has little to no impact on Bitcoin and the broader market.<\/li>\n<li>Miners interact predominantly with exchanges Binance and Huobi, which have their own pools.<\/li>\n<li>The correlation between movements in Bitcoin\u2019s price and the inflows to exchanges is virtually non-existent.<\/li>\n<\/ul>\n<\/div>\n<p>Miners are frequently criticised for pressing down the price of Bitcoin, but such claims are often unfounded. Sometimes they rest on imperfect metrics in which pool payouts are mixed with miners\u2019 expenses, which misleads users.<\/p>\n<p>An accurate assessment of the extent of miners\u2019 selling impact is crucial for understanding the market. In the article <a href=\"https:\/\/coinmetrics.io\/following-flows-a-look-at-miners-on-chain-payments\/\" target=\"_blank\" rel=\"noopener\">Following the Flows: A Look at On\u2011Chain Miner Payments<\/a>, Coin Metrics introduced a new methodology for evaluating miner activity, in which pool\u2011related wallets are structured. This approach allows users to distinguish between pool and miner activity.<\/p>\n<p>In this article we refine our estimates using data on the relationships between miners and exchanges. This will help determine when and where miners sell their coins.<\/p>\n<p>We found that among many exchanges miners predominantly favour Huobi and Binance. It was also found that flows of coins from mining\u2011related addresses account for a small share of total inflows to trading venues. At the time of writing, this figure stood at 5.5% and is unlikely to be a major source of market volatility.<\/p>\n<h2 class=\"wp-block-heading\">Indicators of Miner\u2013Exchange Interaction<\/h2>\n<p>Inflows, outflows and coin-supply indicators provide useful information about market sentiment, the state of the exchange sector and network decentralisation. Because of differences in structure, the flow indicators for exchanges and for miners are built on two distinct clustering methods, each with its drawbacks.<\/p>\n<p>Exchange flows are assessed using the <a href=\"https:\/\/en.bitcoin.it\/wiki\/Common-input-ownership_heuristic\" target=\"_blank\" rel=\"noopener\">common-input-ownership heuristic<\/a>. This method is precise but requires at least one initial address from each exchange. It covers only a predefined set of trading venues. The results are also distorted by <a href=\"https:\/\/forklog.com\/en\/news\/what-is-coinjoin-what-is-zerolink-what-is-stonewall\">CoinJoin<\/a> and [simple_tooltip content=\u2018Peeling chains are largely processes used by exchanges that involve breaking one large address into smaller addresses, with smaller sums. This fragmentation, or layering (peeling), helps minimise losses in case of hacks and cyberattacks.\u2019]peeling chains[\/simple_tooltip].<\/p>\n<p>To begin trading on a centralized platform, users deposit coins that are held in custody by the exchange operator. Mining works in a similar way: participants share resources to increase their chances of finding a block. Coordination occurs through centralized mining pools. The latter receive freshly mined coins at addresses they control, and later distribute the funds among miners.<\/p>\n<p>Flows from miners to exchanges are accounted for by Coin Metrics by clustering addresses according to their distance from <span class=\"old_tooltip\" data-descr=\u201c\u041a\u043e\u0433\u0434\u0430 \u043c\u0430\u0439\u043d\u0435\u0440 \u043d\u0430\u0447\u0438\u043d\u0430\u0435\u0442 \u043c\u0430\u0439\u043d\u0438\u0442\u044c \u0431\u043b\u043e\u043a, \u043e\u043d \u0434\u043e\u0431\u0430\u0432\u043b\u044f\u0435\u0442 \u043a \u043d\u0435\u043c\u0443 coinbase-\u0442\u0440\u0430\u043d\u0437\u0430\u043a\u0446\u0438\u044e. \u041e\u043d\u0430 \u043d\u0435 \u0442\u0440\u0435\u0431\u0443\u0435\u0442 \u0440\u0430\u043d\u0435\u0435 \u0441\u0443\u0449\u0435\u0441\u0442\u0432\u0443\u044e\u0449\u0438\u0445 \u0432\u044b\u0445\u043e\u0434\u043e\u0432 \u0438 \u043f\u0440\u0435\u0434\u0441\u0442\u0430\u0432\u043b\u044f\u0435\u0442 \u0441\u043e\u0431\u043e\u0439 \u043d\u0430\u0433\u0440\u0430\u0434\u0443, \u043a\u043e\u0442\u043e\u0440\u0443\u044e \u043c\u0430\u0439\u043d\u0435\u0440\u044b \u043f\u043e\u043b\u0443\u0447\u0430\u044e\u0442 \u0437\u0430 \u0434\u043e\u0431\u044b\u0447\u0443 \u043d\u043e\u0432\u044b\u0445 \u0431\u043b\u043e\u043a\u043e\u0432.\u201d>coinbase transactions<\/span>. Addresses that have received coinbase rewards (or 0-hop addresses) are marked as mining pools. Addresses at 1-hop that have received a payment from 0-hop are labeled as miners.<\/p>\n<p>This approach is less precise than the common-input-ownership heuristic. However, it roughly reflects the structure of mining-pool wallets and offers broader coverage.<\/p>\n<p>By combining these two approaches, one can determine where miners deposit their coins. This roughly corresponds to where they sell them.<\/p>\n<div class=\"wp-block-image wp-image-126629 size-full\">\n<figure class=\"aligncenter\"><img loading=\"lazy\" decoding=\"async\" width=\"1344\" height=\"960\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/1-430.png\" alt=\"How Much Do Bitcoin Miners Move the Market? (Part II)\" class=\"wp-image-126629\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/1-430.png 1344w, https:\/\/forklog.com\/wp-content\/uploads\/1-430-300x214.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/1-430-1024x731.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/1-430-768x549.png 768w\" sizes=\"auto, (max-width: 1344px) 100vw, 1344px\" \/><figcaption>Dynamics of Bitcoin inflows from miners to spot exchanges. Data: Coin Metrics.<\/figcaption><\/figure>\n<\/div>\n<p>Flows from miners to trading venues largely track aggregated exchange inflows, but there are a few key differences. In this context, Binance and Huobi play the most significant role. The share of the latter is substantial in total inflows.<\/p>\n<div class=\"wp-block-image wp-image-126630 size-full\">\n<figure class=\"aligncenter\"><img loading=\"lazy\" decoding=\"async\" width=\"1344\" height=\"960\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/2-391.png\" alt=\"Total Bitcoin flows to spot exchanges\" class=\"wp-image-126630\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/2-391.png 1344w, https:\/\/forklog.com\/wp-content\/uploads\/2-391-300x214.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/2-391-1024x731.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/2-391-768x549.png 768w\" sizes=\"auto, (max-width: 1344px) 100vw, 1344px\" \/><figcaption>General Bitcoin flows to spot exchanges. Data: Coin Metrics.<\/figcaption><\/figure>\n<\/div>\n<p>The results are straightforward: Huobi and Binance are the only exchanges in the sample that also operate mining pools. Both platforms have close ties with miners and a strong presence in Asia, where a large portion of mining capacity is located.<\/p>\n<p>Binance and Huobi also dominate in the context of outflows from exchanges. This suggests miners also buy on these platforms.<\/p>\n<div class=\"wp-block-image size-full wp-image-126631\">\n<figure class=\"aligncenter\"><img loading=\"lazy\" decoding=\"async\" width=\"1344\" height=\"960\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/3-230.png\" alt=\"Outflows from Bitcoin exchanges to miners\" class=\"wp-image-126631\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/3-230.png 1344w, https:\/\/forklog.com\/wp-content\/uploads\/3-230-300x214.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/3-230-1024x731.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/3-230-768x549.png 768w\" sizes=\"auto, (max-width: 1344px) 100vw, 1344px\" \/><figcaption>Outflows from Bitcoin exchanges to miners. Data: Coin Metrics.<\/figcaption><\/figure>\n<\/div>\n<p>As with inflows, Huobi dominates outflows relative to other exchanges that do not operate mining pools. Binance\u2019s share in both cases is roughly comparable.<\/p>\n<div class=\"wp-block-image size-full wp-image-126632\">\n<figure class=\"aligncenter\"><img loading=\"lazy\" decoding=\"async\" width=\"1344\" height=\"960\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/4-140.png\" alt=\"Total outflows from spot Bitcoin exchanges\" class=\"wp-image-126632\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/4-140.png 1344w, https:\/\/forklog.com\/wp-content\/uploads\/4-140-300x214.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/4-140-1024x731.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/4-140-768x549.png 768w\" sizes=\"auto, (max-width: 1344px) 100vw, 1344px\" \/><figcaption>General outflows from spot Bitcoin exchanges. Data: Coin Metrics.<\/figcaption><\/figure>\n<\/div>\n<p>Looking ahead, flows between miners and trading platforms could serve as an indicator of the approximate geographic distribution of hash power. This metric would be based on the assumption that miners use exchanges in their region. To provide a complete picture, broader exchange coverage will be required.<\/p>\n<h2 class=\"wp-block-heading\">Estimating the Magnitude of Miner Flows to Exchanges<\/h2>\n<p>Our methodology can be used both to determine the structure of flows between miners and exchanges and to gauge their overall scale. In general, mining pools act as net depositors of funds on exchanges, though the amount they transfer daily is small.<\/p>\n<div class=\"wp-block-image wp-image-126633 size-full\">\n<figure class=\"aligncenter\"><img loading=\"lazy\" decoding=\"async\" width=\"1344\" height=\"960\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/5-89.png\" alt=\"Dynamics of inbound and outbound flows by 0-hop addresses\" class=\"wp-image-126633\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/5-89.png 1344w, https:\/\/forklog.com\/wp-content\/uploads\/5-89-300x214.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/5-89-1024x731.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/5-89-768x549.png 768w\" sizes=\"auto, (max-width: 1344px) 100vw, 1344px\" \/><figcaption>Inbound and outbound flows by 0-hop addresses (in BTC). Data: Coin Metrics.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-image size-full wp-image-126634\">\n<figure class=\"aligncenter\"><img loading=\"lazy\" decoding=\"async\" width=\"1344\" height=\"960\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/6-61.png\" alt=\"Dynamics of inbound and outbound flows by 0-hop addresses (in USD)\" class=\"wp-image-126634\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/6-61.png 1344w, https:\/\/forklog.com\/wp-content\/uploads\/6-61-300x214.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/6-61-1024x731.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/6-61-768x549.png 768w\" sizes=\"auto, (max-width: 1344px) 100vw, 1344px\" \/><figcaption>Dynamics of inbound and outbound flows by 0-hop addresses (in USD). Data: Coin Metrics.<\/figcaption><\/figure>\n<\/div>\n<p>As with <a href=\"https:\/\/forklog.com\/en\/news\/how-much-do-bitcoin-miners-influence-the-market-part-i\">overall flows<\/a>, movement between 1-hop addresses and exchanges is far more vigorous than between 0-hop. And though these flows declined since their peak in 2016, they have gradually increased since 2018. By contrast, USD-denominated flows have surpassed previous highs, reflecting Bitcoin\u2019s price rise.<\/p>\n<div class=\"wp-block-image size-full\">\n<figure class=\"aligncenter\"><img loading=\"lazy\" decoding=\"async\" width=\"1344\" height=\"960\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/7-36.png\" alt=\"Dynamics of miners\u2019 flows by 1-hop addresses\" class=\"wp-image-126635\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/7-36.png 1344w, https:\/\/forklog.com\/wp-content\/uploads\/7-36-300x214.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/7-36-1024x731.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/7-36-768x549.png 768w\" sizes=\"auto, (max-width: 1344px) 100vw, 1344px\" \/><figcaption>Inbound and outbound flows by 1-hop addresses (in BTC). Data: Coin Metrics.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-image size-full\">\n<figure class=\"aligncenter\"><img loading=\"lazy\" decoding=\"async\" width=\"1344\" height=\"960\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/8-30.png\" alt=\"Dynamics of inbound and outbound flows by 1-hop addresses (in USD)\" class=\"wp-image-126636\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/8-30.png 1344w, https:\/\/forklog.com\/wp-content\/uploads\/8-30-300x214.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/8-30-1024x731.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/8-30-768x549.png 768w\" sizes=\"auto, (max-width: 1344px) 100vw, 1344px\" \/><figcaption>Inbound and outbound flows by 1-hop addresses (in USD). Data: Coin Metrics.<\/figcaption><\/figure>\n<\/div>\n<p>Strangely, our calculations indicate that miners appear to be net buyers. This is likely a methodological artifact arising from a variety of factors. For example, miners tend to sell coins mainly on over-the-counter (OTC) desks, which means funds are not sent to exchanges immediately.<\/p>\n<p>Another possible factor is the concentration of funds among early miners. The issue can be addressed by excluding from the sample those who have not recently received funds from 0-hop addresses.<\/p>\n<p>Finally, payments from mining pools affiliated with exchanges may be bundled with withdrawals from trading venues.<\/p>\n<h2 class=\"wp-block-heading\">Features of Flows<\/h2>\n<p>Flows between exchanges and miners are clearer when viewed in terms of their components. Comparing them with aggregated miner flows and total exchange flows will help gauge their scale.<\/p>\n<p>Transfers to exchanges typically amount to no more than about 10% of the total miner flows, although this metric has historically fluctuated. Deposits to exchanges also constitute a small share of pool flows.<\/p>\n<div class=\"wp-block-image size-full wp-image-126637\">\n<figure class=\"aligncenter\"><img loading=\"lazy\" decoding=\"async\" width=\"1344\" height=\"960\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/9-30.png\" alt=\"Dynamics of miners' share of exchange deposits from the total miner outflows. Data: Coin Metrics.\" class=\"wp-image-126637\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/9-30.png 1344w, https:\/\/forklog.com\/wp-content\/uploads\/9-30-300x214.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/9-30-1024x731.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/9-30-768x549.png 768w\" sizes=\"auto, (max-width: 1344px) 100vw, 1344px\" \/><figcaption>Dynamics of miners\u2019 exchange deposits share in total inflows. Data: Coin Metrics.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-image size-full wp-image-126638\">\n<figure class=\"aligncenter\"><img loading=\"lazy\" decoding=\"async\" width=\"1344\" height=\"960\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/10-20.png\" alt=\"Dynamics of miners\u2019 exchange deposits share in inflows. Data: Coin Metrics.\" class=\"wp-image-126638\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/10-20.png 1344w, https:\/\/forklog.com\/wp-content\/uploads\/10-20-300x214.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/10-20-1024x731.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/10-20-768x549.png 768w\" sizes=\"auto, (max-width: 1344px) 100vw, 1344px\" \/><figcaption>Share of miner deposits in inflows to exchanges. Data: Coin Metrics.<\/figcaption><\/figure>\n<\/div>\n<p>Miner deposits to exchanges, which in theory should correlate with sales, have historically hovered around a single percentage over the past five years.<\/p>\n<p>At the time of writing, the figure stands at about 5.5% of total inflows to exchanges. Since a large portion of mining output is sold OTC, this figure may be somewhat overstated.<\/p>\n<p>Although flows between miners and exchanges are volatile, their fluctuations are not substantial in the context of total exchange flows. Movements between 0-hop addresses are also small, so there is no basis to link Bitcoin\u2019s price volatility with miners\u2019 selling pressure.<\/p>\n<div class=\"wp-block-image size-full wp-image-126639\">\n<figure class=\"aligncenter\"><img loading=\"lazy\" decoding=\"async\" width=\"1344\" height=\"960\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/11-42.png\" alt=\"Dynamics of miners\u2019 withdrawals share from total exchange outflows. Data: Coin Metrics.\" class=\"wp-image-126639\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/11-42.png 1344w, https:\/\/forklog.com\/wp-content\/uploads\/11-42-300x214.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/11-42-1024x731.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/11-42-768x549.png 768w\" sizes=\"auto, (max-width: 1344px) 100vw, 1344px\" \/><figcaption>Dynamics of miners\u2019 withdrawals share from total exchange outflows. Data: Coin Metrics.<\/figcaption><\/figure>\n<\/div>\n<p>Miner withdrawals represent a more significant portion of total exchange outflows. Last year the figure remained above 10%. The discrepancy between this figure and the miners\u2019 deposits share in inflows may be attributable to exchange\u2011affiliated pools, which may be closely linked to the parent company and make payments from overlapping addresses.<\/p>\n<div class=\"wp-block-image size-full wp-image-126640\">\n<figure class=\"aligncenter\"><img loading=\"lazy\" decoding=\"async\" width=\"1344\" height=\"960\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/12-10.png\" alt=\"Dynamics of miners\u2019 deposits share in inflows to exchanges. Data: Coin Metrics.\" class=\"wp-image-126640\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/12-10.png 1344w, https:\/\/forklog.com\/wp-content\/uploads\/12-10-300x214.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/12-10-1024x731.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/12-10-768x549.png 768w\" sizes=\"auto, (max-width: 1344px) 100vw, 1344px\" \/><figcaption>Share of miner deposits in inflows to exchanges. Data: Coin Metrics.<\/figcaption><\/figure>\n<\/div>\n<p>The absence of a link between Bitcoin\u2019s market price and miner activity is reinforced by the low correlation between price and deposits. The weak correlation persists even during price declines.<\/p>\n<figure class=\"wp-block-image alignnone size-full wp-image-126641\"><img loading=\"lazy\" decoding=\"async\" width=\"1344\" height=\"960\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/13-26.png\" alt=\"Dynamics of miners\u2019 withdrawals share from total exchange outflows. Data: Coin Metrics.\" class=\"wp-image-126641\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/13-26.png 1344w, https:\/\/forklog.com\/wp-content\/uploads\/13-26-300x214.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/13-26-1024x731.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/13-26-768x549.png 768w\" sizes=\"auto, (max-width: 1344px) 100vw, 1344px\" \/><figcaption>Dynamics of miners\u2019 withdrawals share from total exchange outflows. Data: Coin Metrics.<\/figcaption><\/figure>\n<p>The absence of a relationship between price and miners\u2019 outflows is also visible visually when comparing price movements with miner deposits. These values rarely move in tandem, indicating a low correlation.<\/p>\n<div class=\"wp-block-image size-full wp-image-126642\">\n<figure class=\"aligncenter\"><img loading=\"lazy\" decoding=\"async\" width=\"1536\" height=\"1536\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/14-14.png\" alt=\"Coin Metrics data\" class=\"wp-image-126642\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/14-14.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/14-14-300x300.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/14-14-1024x1024.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/14-14-150x150.png 150w, https:\/\/forklog.com\/wp-content\/uploads\/14-14-768x768.png 768w\" sizes=\"auto, (max-width: 1536px) 100vw, 1536px\" \/><figcaption>Data: Coin Metrics.<\/figcaption><\/figure>\n<\/div>\n<h2 class=\"wp-block-heading\">Conclusion<\/h2>\n<p>The influence of Bitcoin miners on the market remains underexplored. Yet, as methods for gauging the scale of miner activity improve, we can begin to understand their role more clearly.<\/p>\n<p>Given the relatively small share of miner deposits in inflows compared with aggregate exchange flows, and the lack of a clear correlation between flows and price, there is little reason to believe these market participants are driving Bitcoin\u2019s price decline.<\/p>\n<p>There remain opportunities to improve metrics, including expanding exchange coverage and filtering addresses that have not recently participated in mining. However, at the exchange level, flows align with the widely held view that Binance and Huobi are miners\u2019 preferred exchanges.<\/p>\n<p>Subscribe to ForkLog news on Telegram: <a href=\"https:\/\/t.me\/forkloglive\" target=\"_blank\" rel=\"nofollow noopener\">ForkLog FEED<\/a> \u2014 the full news stream, <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">ForkLog<\/a> \u2014 the most important news and polls.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Analyst Karim Helmi and the Coin Metrics team developed a new methodology for quantitatively assessing assets at the disposal of Bitcoin miners. Its feature is the separation of miner activity and mining pools, enabling a more precise assessment of the coins under their control.<\/p>\n","protected":false},"author":1,"featured_media":38307,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[1144],"tags":[1166,1394,1137],"class_list":["post-38306","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-longreads","tag-centralized-exchanges-cex","tag-coin-metrics","tag-cryptocurrency-mining"],"aioseo_notices":[],"amp_enabled":true,"views":"20","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/38306","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=38306"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/38306\/revisions"}],"predecessor-version":[{"id":38308,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/38306\/revisions\/38308"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/38307"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=38306"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=38306"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=38306"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}