Bitcoin miners sold their entire May harvest: report
Bitcoin miners are finding it extremely hard to continue their operation as the cost of production has exceeded the profit. The cryptocurrency market entered a sell-off phase in the first week of June, seeing a market-wide route with the majority of cryptocurrencies falling to a 4-year low.The deteriorating market conditions have also affected Bitcoin (BTC) mining profitability adversely, forcing miners to liquidate their BTC holdings.New data from Arcane research shows that public Bitcoin mining firms sold 100% of their BTC production in May compared to the usual 20-40% earlier.In the....
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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....
Harvest Finance’s dramatic growth took place during a time when enthusiasm around the DeFi space has slowly hit a wall.
Harvest Finance is actively tackling the apparent $24 million attack. Harvest Finance, a major decentralized finance protocol, has seemingly issued a $100,000 bounty in the aftermath of a $24 millon attack targeting its liquidity pools.In an Oct. 26 tweet, Harvest Finance said that there is enough data so far to identify the attacker, “who is well-known in the crypto community.”In addition to the BTC addresses which hold the funds, there is now a significant amount of personally identifiable information on the attacker, who is well-known in the crypto community. We are putting out a 100k....
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....
This week's $24M exploit of DeFi platform Harvest shows risks as real as rewards in open-beta crypto markets, where investor protection is minimal.