Report: Bitcoin's current round of decline should not be blamed on "miners surrender", as the proportion of miners' sales power is very low

Although there is talk that bitcoin's current fall is largely due to "miners surrender," recent research by Paradigm Capital dismisses all rumors that miners are surrendering, hashing power is plummeting, and bitcoin is being sold off. At the outset of the report, there was a widespread prejudice that miners had a disproportionate advantage in bitcoin prices. The report states that the miner's on-chain production ratio (MSV) indicator shows that the influence of miners diminishes over time. Unlike earlier Bitcoins, almost all mining rewards today are sent from the receiving address on the day of arrival, which effectively reduces MSV. In the past, Bitcoin could be mined with a relatively good gaming computer. Today, all this is managed by mining pools, and the number of mining pools is constantly increasing. The outflow of funds from miners to the exchange is also an indicator of how much Bitcoin has been sold in the market. Using a logarithmic chart shows that this situation is balanced, rather than having a huge impact on prices after a month. The report measures the impact of mining on the market through a variety of indicators. In order to find relevance, the researchers concluded that miners actually only make up a small portion of Bitcoin's market power.