Miners sold bitcoins worth $4.5 billion in this cycle.
Some cryptocurrency mining companies are forced to sell coins.
Miners continue to reduce their bitcoin reserves. According to the analytical platform Cryptoquant, since 2022, those who mine cryptocurrency have sold about 61,000 bitcoins ($4.5 billion at the current exchange rate).
"Since the beginning of this cycle, miners' reserves have fallen from 1.862 million BTC to 1.801 million BTC, with a net sale of about 61,000 BTC," analysts calculated based on their own indicators and the movement of bitcoins in well-known wallets associated with large miners.
American large miners publicly report their sales. It is known that only this year Riot Platforms sold 4,000 bitcoins (for $290 million), MARA sold more than 15,000 BTC ($1.1 billion), and Core Scientific withdrew about 1,900 BTC ($175 million).
Bitcoins were sold by miners such as Cango and Bitdeer. Some companies directed funds to pay off debts, while others invested money in expanding infrastructure for artificial intelligence needs. Against the backdrop of declining mining profitability, a large part of the major market participants decided to diversify their businesses into the AI sector.$BTC #news #BTC
Some cryptocurrency mining companies are forced to sell coins.
Miners continue to reduce their bitcoin reserves. According to the analytical platform Cryptoquant, since 2022, those who mine cryptocurrency have sold about 61,000 bitcoins ($4.5 billion at the current exchange rate).
"Since the beginning of this cycle, miners' reserves have fallen from 1.862 million BTC to 1.801 million BTC, with a net sale of about 61,000 BTC," analysts calculated based on their own indicators and the movement of bitcoins in well-known wallets associated with large miners.
American large miners publicly report their sales. It is known that only this year Riot Platforms sold 4,000 bitcoins (for $290 million), MARA sold more than 15,000 BTC ($1.1 billion), and Core Scientific withdrew about 1,900 BTC ($175 million).
Bitcoins were sold by miners such as Cango and Bitdeer. Some companies directed funds to pay off debts, while others invested money in expanding infrastructure for artificial intelligence needs. Against the backdrop of declining mining profitability, a large part of the major market participants decided to diversify their businesses into the AI sector.$BTC #news #BTC