Complete On-Chain Data Analysis: Miner and Bitcoin Network Relationship Trends

On-chain indicators such as miner holdings and net transfer volumes show that while miners still control a significant portion of Bitcoin supply, their influence on the Bitcoin network is gradually weakening. Key Points This report uses a novel approach to examine addresses in coinbase transactions, quantifying miner holdings and activity. This method improves upon previous research tracking miner spending, whose attempts inadvertently measured mining pool operator activities rather than miner behavior.