Bitcoin miners get 27% less BTC after 3 months of heavy sales
The industry's "last resort hodlers" have had no choice but to sell off their parts, but the trend is s is reversing violently this month, according to the data.
Market news
According to a new prediction from crypto analytics firm Arcane Research, miners will continue to sell more Bitcoin (BTC) than they earn.
Miners have sold nearly 30% of BTC's record stash since MayThe trip to $25,000 this month eased pressure on a struggling Bitcoin mining sector throughout 2022.
At one point, fears abounded that the cost of producing miners was well above the spot price of Bitcoin and that strong selling would result to keep miners in business. Worse still, many may have to retire as their businesses are no longer financially viable.
Data from the period since May seemed to confirm that a major upheaval was underway. As Arcane notes, only one public miner - Core Scientific - sold around 12,000 BTC during the period from May to July.
While the trend showed signs of reversing last month, it will take even higher BTC prices to allow even the biggest miners to sustain themselves again.
“Even though public miners sold less than half the amount in July as in June, we still see that they are depleting their holdings if we look at the percentage of bitcoin production sold,” the analyst explained. by Arcane Jaran Mellerud:< /p>
"Public miners sold 158% of their bitcoin production in July, making it the third month in a row that they sold more than 100% of production."
The industry's "last resort hodlers" have had no choice but to sell off their parts, but the trend is s is reversing violently this month, according to the data.
Market news
According to a new prediction from crypto analytics firm Arcane Research, miners will continue to sell more Bitcoin (BTC) than they earn.
Miners have sold nearly 30% of BTC's record stash since MayThe trip to $25,000 this month eased pressure on a struggling Bitcoin mining sector throughout 2022.
At one point, fears abounded that the cost of producing miners was well above the spot price of Bitcoin and that strong selling would result to keep miners in business. Worse still, many may have to retire as their businesses are no longer financially viable.
Data from the period since May seemed to confirm that a major upheaval was underway. As Arcane notes, only one public miner - Core Scientific - sold around 12,000 BTC during the period from May to July.
While the trend showed signs of reversing last month, it will take even higher BTC prices to allow even the biggest miners to sustain themselves again.
“Even though public miners sold less than half the amount in July as in June, we still see that they are depleting their holdings if we look at the percentage of bitcoin production sold,” the analyst explained. by Arcane Jaran Mellerud:< /p>
"Public miners sold 158% of their bitcoin production in July, making it the third month in a row that they sold more than 100% of production."
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