A bitcoin selloff likely looms large as the token’s miners face pressure to offload their holdings amid a steep revenue drop-off, crypto research and analytics firm Kaiko’s data shows. 

Bitcoin miners largely rely on two revenue streams: mining rewards and transaction fees.

However, both businesses are bringing in more modest returns in recent weeks. 

April’s halving event, the long-ago coded reduction in mining rewards to 3.125 BTC from 6.25 BTC, posed a unique headwind for miners trying to cover their overhead. 

“The halving has typically been a selling event for Bitcoin miners as the process of creating new blocks incurs significant costs, forcing miners to sell to cover costs,” Kaiko researchers said in a new report. 

Meanwhile, miners’ other revenue stream …