Bitcoin [BTC]The continued bearish sources have had a significant impact on miners as well as holders. Bitcoin miner Miners’ inventories have fallen to new lows, making them a net seller of Bitcoin. Some have tried to offload excess inventory, but miners are not always bearish. Or is it true?
The specific result is …
Bitcoin miners are distributing BTC’s holdings during a recent sale, albeit at a slower pace than earlier this year.
The chart attached here shows a 30-day change in BTC supply held at the miner’s address, according to data edited by Glassnode.
Source: Glassnode
Here, the deficit suggested that Bitcoin Miner would become a net seller after being a net HOD Ler for several months. Indeed, both May and June saw this changing story.
May 2022, public mining company sold out 4,411 Bitcoin. This number is four times the average from January to April 2022. The financial statements of public mining companies show that BTC sales need to be quadrupled to achieve their goals.
sauce: NYDIG
The decline in BTC miner earnings could be the main reason behind this scenario. Miners’ balances have recently declined from a peak rate of 5k to 8k. BTC Monthly (or about $ 150- $ 240 million worth of BTC, $ 30,000).
Currently, the miner’s total income is barely below his previous income... This is evident in the graph below –
Source: Glassnode
Moreover, given the scars of inflation, electricity prices are rising. In addition, miners’ profits declined with cryptocurrency rates. Ergo, This effort in distribution is to offset further losses.
again, Bitcoin mining hash rate Observed the fall during June as a miner Revenue remains low.. “Mining hash rate” is an index that measures the total amount of computing power connected to the Bitcoin blockchain. Miners are starting to disconnect their machines, probably because of low or no profitability levels.
Fight your devil
Currently in the position of a miner Change■ It may or may not lead to BTC price fluctuations. Still, cryptocurrencies are struggling to catch up in the sea of turmoil, FUD, and regulatory scars.
However, at the time of the press, Kingcoin recorded an 8% increase in CoinMarketcap after trading at around $ 20,000.
However, deepening a bearish story, such as an extreme sell-out, could inject further corrections.
