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Public Bitcoin Miners Are Selling Off BTC Reserves as Crypto Winter Sets In

If so, it must be a bear market Bitcoin Mining Enterprise, usually ultimate HOD LersStarted selling their stash.

Listed Bitcoin Miners like Marathon Digital and Riot Blockchain sold more Bitcoin than they produced last month, according to a new report from Arcane Research. This is a significant increase from the first four months of the year when only about 30% of what was produced was sold. ..

“If they are forced to liquidate a significant portion of these holdings, it could help further lower Bitcoin prices,” said Arcane Research Bitcoin Mining Analyst Jalan Merrell. I am writing in the report.

The listed Bitcoin mining company sold more BTC than it produced in May. Source: Arcane Research

Yesterday, a Toronto-based bit farm sold 3,000 Bitcoins, almost half of its supply, to reduce debt. In a press release, Bitcoin Chief Financial Officer Jeff Lucas said in a press release that future plans would no longer HODL all of Bitcoin’s daily production.

“We continue to be bullish on long-term rising BTC prices, but this strategic change focuses our top priority on maintaining a world-class mining business and continuing to grow in anticipation of an improvement in the mining economy. can. “”

As far as public companies are concerned, miners have accumulated a lot of Bitcoin. In fact, according to the Bitcoin Treasury, seven of the ten largest Bitcoin Treasury belong to miners. They include that Core Scientific (CORZ) has 8,497 BTC. Marathon Digital Holdings (MARA) has a BTC of 8,133. The BTC for Hat 8 Mining (HUT) is 7,078. Riot Blockchain (RIOT) has a BTC of 6,536. Hive Blockchain (HIVE) has 4,032 BTC. The BTC for Bitcoin (BITF) is 3,075. Argo Blockchain (ARBK) has 2,317 BTC.

Still, it is worth noting that listed miners make up only 20%. Hash rate 206 million tera hash / sec (TH / s) Bitcoin network.

Overall, Bitcoin miners appear to hold Bitcoin, and Zack Voell, an analyst at Bitcoin mining software company Braiins, has been scarcely supplied since January. Said on twitter..

The hash rate of the network is the total amount of power of the computer used to mine Bitcoin. Each single hash represents a computer that generates a new number to “guess” the encrypted string. Both miners or pools of miners correctly guess that they will validate the block of transactions and gain the right to add them to the blockchain.

When that happens, the miner earns rewards and transaction fees. However, as the market continues to lag, the profitability of the mining industry is declining.

Miners’ income has been struggling to stay above $ 20 million per block since the beginning of the month. According to Blockchain.com, revenue per blockchain started at around $ 50 million this year, just below $ 40 million at the beginning of May, and last week with distressed hedge fund Three Arrows Capital and crypto lenders. Celsius.

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