Bitcoin miner prices will continue to fall, F2Pool exec predicts
The majority of big crypto mining companies have sold their self-mined Bitcoin, while a few companies like Marathon, Hut 8 and Hive are holding always the shot.
New
The price of cryptocurrency mining hardware is likely to continue falling in the near future amid the ongoing crypto winter, according to an executive at leading Bitcoin (BTC) mining pool F2Pool.
F2Pool, one of the largest bitcoin mining pools in the world, supporting 14.3% of the BTC network, released its latest mining industry update on Tuesday.
Focusing on June 2022 BTC mining results, the F2Pool report noted that the majority of Bitcoin mining companies like Core Scientific have recently opted to sell their self-mined bitcoins.
Bitfarms, a major Canadian BTC mining company, sold 3,000 bitcoins, or almost 50% of its entire stake in BTC, for $62 million to reduce its credit facility in June.< /p>
"I studied nearly 10 publicly traded industrial miners and found that they are all very honestly telling everyone that they are selling self-mined Bitcoins," wrote Lisa Liu, director of the global business development of F2Pool, in the report. She added that the proceeds are used to fund operating expenses and increase capital, as well as to reduce obligations under equipment and facility loan agreements.
Liu went on to say that only a few listed industrial miners said they would stick to their long-standing HODL strategy. These included companies like Marathon, Hut 8, and Hive Blockchain Technologies. "In particular, Hive surprisingly does not have any significant debt or equipment financing for ASIC and GPU equipment," she added.
The exec also mentioned that the price of application-specific integrated circuit (ASIC) miners has dropped sharply over the past few years...
The majority of big crypto mining companies have sold their self-mined Bitcoin, while a few companies like Marathon, Hut 8 and Hive are holding always the shot.
New
The price of cryptocurrency mining hardware is likely to continue falling in the near future amid the ongoing crypto winter, according to an executive at leading Bitcoin (BTC) mining pool F2Pool.
F2Pool, one of the largest bitcoin mining pools in the world, supporting 14.3% of the BTC network, released its latest mining industry update on Tuesday.
Focusing on June 2022 BTC mining results, the F2Pool report noted that the majority of Bitcoin mining companies like Core Scientific have recently opted to sell their self-mined bitcoins.
Bitfarms, a major Canadian BTC mining company, sold 3,000 bitcoins, or almost 50% of its entire stake in BTC, for $62 million to reduce its credit facility in June.< /p>
"I studied nearly 10 publicly traded industrial miners and found that they are all very honestly telling everyone that they are selling self-mined Bitcoins," wrote Lisa Liu, director of the global business development of F2Pool, in the report. She added that the proceeds are used to fund operating expenses and increase capital, as well as to reduce obligations under equipment and facility loan agreements.
Liu went on to say that only a few listed industrial miners said they would stick to their long-standing HODL strategy. These included companies like Marathon, Hut 8, and Hive Blockchain Technologies. "In particular, Hive surprisingly does not have any significant debt or equipment financing for ASIC and GPU equipment," she added.
The exec also mentioned that the price of application-specific integrated circuit (ASIC) miners has dropped sharply over the past few years...
What's Your Reaction?
