Miner reserve
BTCBitcoin in unspent outputs of miner addresses at the latest day's last block.
Dashboard · VantagePlanned
Bitcoin Miner Reserves and Miner Outflows
How much bitcoin do miners hold, and how much are they sending to exchanges?
Bitcoin held in addresses that receive mining rewards, what miners send out each day and how much of it goes to exchanges.
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Blueprint
What the dashboard will show.
The dashboard as it will open in Vantage. Each figure is named here and arrives with its receipt; until its data is published, its place stays empty.
Reserves
What miners hold and whether they keep what they mine.
Reserve change, 30 days
BTCThe miner reserve now minus the reserve at the last block thirty days earlier.
New coins still held, 90 days
%Share of the bitcoin mined in the last 90 days that is still unspent in miner addresses.
Held by pool wallets
BTCThe part of the miner reserve held in pool wallets rather than in members' addresses.
Miner reserve by day
BTCThe miner reserve at each day's last block over the selected period, pool wallets and member addresses stacked.
Outflows
What miners send out each day and where it goes.
Miner outflow, latest day
BTCBitcoin sent from miner addresses to addresses outside the set during the latest complete day.
Sent to exchanges, 30 days
BTCBitcoin sent from miner addresses to labelled exchange addresses over the last 30 days.
Exchange share of outflows, 30 days
%Exchange-bound outflows as a share of all miner outflows over the last 30 days.
Largest single outflow, 30 days
BTCThe biggest single transaction out of miner addresses in the last 30 days, linked to the transaction.
Outflows by destination
BTCDaily miner outflows over the selected period, split into exchanges, other labelled entities and unknown addresses.
- Period
- Last 30, 90 or 365 days
About
What it answers, and for whom.
Every new bitcoin starts in a coinbase output paid to a miner or a mining pool. Following those outputs forward gives the miner reserve: the bitcoin still held by addresses that received mining rewards, and the outflows when they spend it. This dashboard traces coinbase outputs from each pool's payout address to its members' addresses and adds up what they hold and send each day.
Read outflows by destination. Coins sent to exchanges are often sold and coins sent to other miner addresses are pool payouts, while coins sent elsewhere may be OTC deals, loans or cold storage. The share of newly mined coins still held shows whether miners keep what they mine or spend it as they go, which matters most when revenue per unit of hashrate is low.
Method
How it will be measured.
Every figure will be read at a block, kept with its source and its exact read, and open a receipt anyone can re-check.
How receipts work →- Miner addresses start with the outputs of every coinbase transaction, attributed to pools by coinbase tags and payout addresses, and extend one hop to the addresses a pool pays its members.
- The miner reserve is the value of unspent outputs held by miner addresses at each day's last block, with pool wallets and member addresses shown apart.
- Outflows are spends from miner addresses to addresses outside the set, classed as exchange, other labelled entity or unknown by the address registry.
- Payouts inside the set, from a pool to its members, count as transfers within the reserve, not as outflows.
The data it needs
Chain data, with some off-chain sources
- bitcoin_network_dailyTo buildBitcoin network by dayBlocks, hashrate implied by difficulty, difficulty, fees, transaction counts, block weight and miner revenue (subsidy plus fees) per day.
- address_labelsTo buildAddress labelsLabels for known addresses: exchanges, bridges, protocols, funds, treasuries, sanctioned addresses and known attackers.
- exchange_balances_dailyTo buildExchange wallet balancesBalances held in labelled exchange wallets per asset, chain and exchange at day end, and net flows in and out.
- whale_transfersTo buildLarge transfersTransfers above a size threshold per token and chain, with sender and receiver labels (exchange, fund, bridge, unknown).
- native_prices_dailyTo buildOracle prices by dayReference prices of major assets read from on-chain oracle feeds (Chainlink latestRoundData) at each day's last block, with each round's update time.
- Coinbase transactions of every block: outputs, values and coinbase tags
- Spends of coinbase outputs and of pool payout addresses, one hop forward
- Labelled exchange and entity addresses, with the source of each
- BTC/USD oracle on Ethereum at each day's last block
Questions
Questions people ask.
What are bitcoin miner reserves?
The bitcoin held by addresses that received mining rewards, either directly from coinbase outputs or as payouts from a pool. A falling reserve means miners are spending more than they earn; a rising one means they are keeping new coins.
Does a miner outflow mean miners are selling?
Not always. Coins sent to an exchange are often sold, but outflows also include payments to OTC desks, loans and moves to cold storage. The page splits outflows by destination, so the exchange share can be read on its own.
How are miner addresses identified?
From coinbase transactions: each block's coinbase pays a pool or a solo miner, and pools then pay their members. Addresses one hop from a coinbase output join the set; anything further needs a label from the registry.
Why does this differ from listed miners' reported holdings?
Listed companies report what they hold, including coins with custodians that may not trace back to coinbase outputs on-chain. This page measures what the chain shows for all miners, listed or not.
- Coinbase transaction
- The first transaction in each block, which pays the block subsidy and the fees to the miner.
- Pool payout
- A transfer from a mining pool to the members whose hashrate helped it find blocks.
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