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Miners are still facing the worst turmoil in the crypto market, with profits down 80% from top levels. Following mounting pressure to surrender, the Poolin multi-asset mining platform has recorded the largest miner exodus from its wallet in two years, including 10,000 bitcoins.
A popular mining pool, Puling, has reportedly witnessed a massive outflow, with miners reportedly moving funds to other wallets, funding daily costs, and even dropping BTC. It could have been a way to cover the energy costs associated with running it. mining work.
The outflow comes amid increasing mining difficulty, falling Bitcoin prices, and several miners closing their businesses as their mining operations become less profitable.
Total bitcoin transfers from miners, a measure of the amount of BTC sent by miners to various wallets and exchanges, soared to a two-year high after Pullin’s 10 BTC exodus. This is a Glassnode-derived chart of Bitcoin’s latest total transfers.
While the past few weeks have seen record miner surrenders, the above data do not necessarily reflect miner sales, but can be interpreted as miners moving coins to other wallets.
Outflow of BTC Miners Towards Cryptocurrency Exchanges
The behavior of Bitcoin miners usually reflects the sentiment of the entire cryptocurrency market.
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However, the above indicators do not make it clear whether the coins were sent to exchanges for quick liquidation or to wallets for safekeeping. The good news is that there was another metric to measure the outflow of his BTC miners heading to cryptocurrency exchanges.
According to November data, remittances to exchanges peaked at 650 BTC on November 26th. A sharp increase in remittances to exchanges indicates that the Bitcoin market has become fragile. However, the trading volume has since decreased and is below the 50 BTC per day level.
