No products in the cart.
- Latest
- Trending
ADVERTISEMENT
Listed Bitcoin (Bitcoin) miners sold nearly all of the bitcoin they mined throughout 2022, leading to debate over whether the sale created a sustained headwind for bitcoin prices.
Tom Dunleavy, an analyst at blockchain research firm Messari, shared the data in a Dec. 26 tweet, noting that Core Scientific, Riot, Bitfarm, Cleans Park, Marathon, Hut8, HIVE, Iris & Co. Around 40,300 out of 40,700 BTC mined by Energy, Argo and Bit. Digital from January 1st to November 30th is sold out.
BTC miners sell almost 100% of their mined coins.
10 Public Bitcoin Miners
More info here Mined ~40.7k BTC and sold ~40.3k in 2022This Is A Persistent Headwind For BTC And There Is No Other Good Paper That ETHBTC Ratio Trading Is Bullish pic.twitter.com/L1iI6Z07p7
Tom Dunleavy (@dunleavy89) December 26, 2022
In the second half of 2022, especially through November, the reserves held by mining companies have decreased significantly. Because the crypto industry was shaken by his FTX influence.
Dunleavy believes that the continued sale of newly minted bitcoins by miners will put downward pressure on the price of the major cryptocurrency.
However, some industry commentators, such as former BitMEX CEO Arthur Hayes, Bitcoin miner sales increase is negligible.
In a Dec. 9 blog post, he said, Even if miners sold all the bitcoins they produced each day, it would have little impact on the market.
According to Bitcoin Visuals, the daily trading on December 26th was Volume Bitcoin is $12.2 billion.of outflow According to CryptoQuant, 919 BTC ($15.35 million) was traded from miners on the same day, representing just 0.13% of the total traded volume.
Miner reserves recovered slightly in December, increasing by almost 1%. The figure contributes to the view shared by the cryptocurrency analyst in his Dec. 27 post by IT Tech that the miner situation appears to be stabilizing.
#bitcoin Minor – update. Do you have any concerns?
1.
minor outflow
minor inflow
minor reserve
Bottom white line – flow from miner to exchange2. Mining difficulty
3. Miner Sales Power
4. Hashrate 7D MAfull analysishttps://t.co/E3o0cgaNxu
IT Tech (@IT_Tech_PL) December 27, 2022
Related: BTC Price Drops 1% On Wall Street Open As Bitcoin Miners Worry Analysts
Over the years, miners have faced major headwinds, including rising electricity prices, falling cryptocurrency market prices, and increasing mining difficulty. eat into their earnings.
As the price of Bitcoin is falling while miner production costs are rising, miners such as Core Scientific are sell part of the reserve at a loss Fund ongoing business and expansion efforts.
