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Pre-2017, MRI frequently stayed below the 100% mark. This indicates that miners were able to hold onto their Bitcoin, rather than having to convert it into FIAT for profit and to support their mining operations.

The assumption would be that MRI figures above 100% would cause downward pressure on the price. However, at ByteTree we have seen that it causes the opposite effect, as illustrated by the chart above. Although we have seen some significant peaks of miner selling in 2020, this has not caused any downward price action.