What Is Proof-of-Work?
Proof-of-work is the blockchain-based algorithm that secures many cryptocurrencies, including Bitcoin and Ethereum.
Miner outflows have slowed since January. The last time this happened, bitcoin went parabolic.
Bitcoin fell sharply early on Monday, having failed to establish a foothold above $40,000 over the weekend.
"Miners may be holding in anticipation of a price rally," one analyst said.
Bitcoin mining equipment maker Ebang announced Thursday it is preparing to officially launch a cryptocurrency exchange in the first quarter of 2021.
The announcement comes after a holiday weekend in which the price of bitcoin hit a succession of new all-time highs.