Bitcoin Miners Sold 5,700 BTC During July, New Report Finds
Per a report from Hash Rate Index, Bitcoin miners continued to sell their supply during July. These entities have been negatively impacted by the decline in the price of BTC, and an increase in their operation cost which has resulted in financial stress for their operations. Related Reading: Bitcoin Miner Revenue Slows Down As BTC […]
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Bitcoin miners have borne the brunt of the bear trend since it began. They watched cash flow plummet on their machines, forcing them to look to other ways to finance their operations. The natural response to this was for public miners to dip into their bitcoin reserves and begin selling off BTC to keep their operations going. For a time, it seemed miners would stop selling due to the recovery in price, but this is proving not to be the case. Miners Offload More BTC Bitcoin miners had sold off more bitcoin than they had mined for the first time in May. The same trend then continued into....
The industry's "hodlers of last resort" have had no choice but to sell their coins, but the trend is fiercely reversing this month, data shows. According to a fresh prediction from crypto analysis firm Arcane Research, miners will continue to sell more BTC than they earn.Miners sold nearly 30% of record BTC stash since MayThe trip to $25,000 this month decreased pressure on a Bitcoin mining sector which has struggled throughout 2022.At one point, fears abounded that miners’ production cost was far higher than the Bitcoin spot price, and that heavy sales would result in order for miners to....
Public bitcoin mining firms have been caught between a rock and a hard place with the decline in bitcoin prices. As their cash flow had declined significantly, they had turned to sell BTC to be able to keep up with the costs of their operations. The massive stash of BTC that these public miners had stacked up during the incredible year of 2021 is now making its way to the market. But they are quickly running out of coins to sell. Bitcoin Miners Dump Coins Over the last three months, there have been reports of Bitcoin miners dumping thousands of BTC. The volume of BTC being sold was....
Data shows public Bitcoin miners dumped around 14.6k BTC during the month of June, which is about 25% of their total holdings. Bitcoin Public Miners Capitulate As Mining Revenues Stay Quite Low As per the latest weekly report from Arcane Research, BTC miners sold almost 400% of their production during the last month. Miners pay off their electricity bills, expansions, and other running costs using dollars. As such, the USD value of their Bitcoin rewards is the more relevant metric for them. Since the price of the crypto has been in a state of decline during the last few months, times have....
Digital currency exchange ShapeShift lost as much as $230,000 in three separate thefts over the course of a month, according to an incident report prepared by the service and obtained by CoinDesk. The report comes days after ShapeShift was taken offline following a then-undetailed security incident that resulted in the loss of funds held in the exchange’s connected wallets. ShapeShift later said that it believed the theft was an inside job. According to the report, that employee stole $130,000 from ShapeShift in mid-March. The employee, who was not identified, later sold sensitive security....