According to CoinMetrics data: The miners hold 800,000 BTC (4.2% of the supply), making them one of the biggest whales in the market. Consequently, their every move has a strong impact on the market.
Data from Arcane shows that “public” Bitcoin miners sold 100% of their BTC production in May (Sold Out) compared to the usual 20-40% previously. Although these public companies only account for 20% of the total hashrate of the bitcoin blockchain, their actions partly reflect the general situation of all other miners.
The number of bitcoins continuously being sent to the exchange, reaching a record high since January 2021.
BITCOIN HASH RIBBON, one of the signals to determine when to buy. SMA30 (green) falling below SMA60 (Blue) indicates that some miners have closed down and stopped mining.
The sharp drop in Hash Rate shows that bitcoin mining is currently unprofitable.
Bitfarms said it sold 3,000 Bitcoins, about 47% of the total bitcoin holdings of about 6,349 BTC, to liquidate loans previously used for mining investments.
source: https://decrypt.co/103539/public-bitcoin-miners-selling-btc-reserves-crypto-winter
while Marathon Digital announced they will not sell any bitcoin even though the market is going through bear season.
https://www.coindesk.com/business/2022/06/09/marathon-digital-bitcoin-production-weaker-than-hoped-in-may/
If the market situation does not get better, unprofitable mining will force miners to increase the percentage of bitcoins sold out, which will contribute to the bitcoin price continuing to fall.
We are at the end of June, and how do you predict the market will be affected if in the future bitcoin miners will sell the bitcoins they mined. Please share your thoughts.
Data from Arcane shows that “public” Bitcoin miners sold 100% of their BTC production in May (Sold Out) compared to the usual 20-40% previously. Although these public companies only account for 20% of the total hashrate of the bitcoin blockchain, their actions partly reflect the general situation of all other miners.
The number of bitcoins continuously being sent to the exchange, reaching a record high since January 2021.
BITCOIN HASH RIBBON, one of the signals to determine when to buy. SMA30 (green) falling below SMA60 (Blue) indicates that some miners have closed down and stopped mining.
The sharp drop in Hash Rate shows that bitcoin mining is currently unprofitable.
Bitfarms said it sold 3,000 Bitcoins, about 47% of the total bitcoin holdings of about 6,349 BTC, to liquidate loans previously used for mining investments.
source: https://decrypt.co/103539/public-bitcoin-miners-selling-btc-reserves-crypto-winter
while Marathon Digital announced they will not sell any bitcoin even though the market is going through bear season.
https://www.coindesk.com/business/2022/06/09/marathon-digital-bitcoin-production-weaker-than-hoped-in-may/
If the market situation does not get better, unprofitable mining will force miners to increase the percentage of bitcoins sold out, which will contribute to the bitcoin price continuing to fall.
We are at the end of June, and how do you predict the market will be affected if in the future bitcoin miners will sell the bitcoins they mined. Please share your thoughts.