Crypto miners' Bitcoin (BTC) holdings have fallen to their lowest level since July 2021, as they run down their stashes ahead of the halving of revenue earned per block. The decline began in October, when miners held over 1.83 million BTC. Currently, miners receive 6.25 BTC per block, but the halving, a quadrennial event due in April, will reduce that figure to 3.125 BTC, cutting per-block revenue by 50%. To improve profitability, miners may be using their stored BTC to buy more efficient equipment to reduce running costs. The halving is seen as a stress test for miners, as it is expected to reduce revenues and boost production costs simultaneously. Industry consolidation is possible. The prolonged dry season in southwest China, which accounts for roughly 20% of the total computing power on the Bitcoin network, could also be a factor in the decline in miners' bitcoin balances.