# Bitcoin Miner Reserves and Miner Outflows

> Bitcoin miner reserves by day: BTC held in mining pool and miner addresses, daily miner outflows and the share sent to exchanges, traced from coinbase outputs.

Markdown copy of https://voltfincrypto.com/apps/bitcoin-miner-reserves

**Question:** How much bitcoin do miners hold, and how much are they sending to exchanges?

- Kind: Dashboard in Voltfin Vantage
- Topic: [Bitcoin](https://voltfincrypto.com/topics/bitcoin)
- Chains: Bitcoin
- Status: Planned. The data is not published yet, so this page states no figure; each figure will open its receipt when it is.

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.

## Blueprint

### Reserves

What miners hold and whether they keep what they mine.

- **Miner reserve** (BTC): Bitcoin in unspent outputs of miner addresses at the latest day's last block.
- **Reserve change, 30 days** (BTC): The 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** (BTC): The part of the miner reserve held in pool wallets rather than in members' addresses.
- **Miner reserve by day** (BTC): The 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** (BTC): Bitcoin sent from miner addresses to addresses outside the set during the latest complete day.
- **Sent to exchanges, 30 days** (BTC): Bitcoin 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** (BTC): The biggest single transaction out of miner addresses in the last 30 days, linked to the transaction.
- **Outflows by destination** (BTC): Daily miner outflows over the selected period, split into exchanges, other labelled entities and unknown addresses.

Filters: Period (Last 30, 90 or 365 days).

## How it will be measured

- 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.

## Data it needs

- `bitcoin_network_daily` (to build): Blocks, hashrate implied by difficulty, difficulty, fees, transaction counts, block weight and miner revenue (subsidy plus fees) per day.
- `address_labels` (to build): Labels for known addresses: exchanges, bridges, protocols, funds, treasuries, sanctioned addresses and known attackers.
- `exchange_balances_daily` (to build): Balances held in labelled exchange wallets per asset, chain and exchange at day end, and net flows in and out.
- `whale_transfers` (to build): Transfers above a size threshold per token and chain, with sender and receiver labels (exchange, fund, bridge, unknown).
- `native_prices_daily` (to build): Reference prices of major assets read from on-chain oracle feeds (Chainlink latestRoundData) at each day's last block, with each round's update time.
- Source: Coinbase transactions of every block: outputs, values and coinbase tags
- Source: Spends of coinbase outputs and of pool payout addresses, one hop forward
- Source: Labelled exchange and entity addresses, with the source of each
- Source: BTC/USD oracle on Ethereum at each day's last block

## Questions

### 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.

## Glossary

- **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.

## Related apps

- [Bitcoin Hashprice and Miner Revenue per Day](https://voltfincrypto.com/apps/bitcoin-miner-revenue-hashprice)
- [Public Bitcoin Miners: Production, Holdings and Sales](https://voltfincrypto.com/apps/public-bitcoin-miners)
- [Bitcoin Exchange Reserves and Netflows](https://voltfincrypto.com/apps/bitcoin-exchange-reserves)
- [Bitcoin Mining Pools: Hashrate Share by Pool](https://voltfincrypto.com/apps/bitcoin-mining-pool-share)
- [Bitcoin Mining Monthly Report: Hashrate, Revenue and Pools](https://voltfincrypto.com/apps/bitcoin-mining-monthly-report)
- [Bitcoin Halving Countdown and Block Reward](https://voltfincrypto.com/apps/bitcoin-halving-countdown)

Build it in Voltfin Studio: https://app.voltfincrypto.com/signup?next=%2F