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Northern Data, Europe’s largest cryptocurrency miner, said in a Thursday report that it plans to sell all mining rewards daily to focus on cash generation in the bear market.
“We sell all mined coins on a daily basis to focus on cash generation until we are notified later. We look forward to great opportunities in this environment and are suitable for our strategy. We are ready to take advantage of where we think we are, “said Aroosh Thillainathan, head of the company.
Meanwhile, the company also reports that it sold its Bitcoin and Ethereum holdings above current price levels between May and June to improve liquidity. The company reportedly sold 48,616 ETH for an average of $ 1,745 per ETH and 1,591 BTC for an average of $ 30,403 per coin during this period.
“Current global economic and political developments are not affecting the crypto market,” explains Thillainathan.
Northern Data reports that it mined a total of 239 BTC in June, 19% less than in May, and currently boasts 3.5 EH / s of Bitcoin mining computing power. Meanwhile, we have mined 4,331 ETH with over 223,000 GPUs.
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It is worth noting that Cryptominers have been hit hardest by the recent market downturn.As previously reported ZyCrypto, Mining profitability is down more than 75%Even if the energy cost rises. As a result, most miners are forced to sell their holdings in order to continue their business.
Glassnode data at the end of June Indicated The outflow of Bitcoin from the miner to the exchange used the 7-month high of about 9,476 BTC. More recent data further show that miners sell an average of 3000-4000 BTC, which is projected to reach 8000 BTC soon.
It is worth noting that all of this can increase sales pressure in the market and lead to more distress for crypto investors. The bottom of Bitcoin prices remains unclear, but miners’ sales usually characterize the final stages of the crypto bear market.