Major Bitcoin Miner Keeps Cashing Out Bitcoin ( $BTC )
Riot Platforms, one of the industry's largest publicly traded Bitcoin miners, is showing no signs of halting its massive selling spree.
Riot Platforms, one of the industry's largest publicly traded Bitcoin miners, has extended its selling spree. According to on-chain data, the mining giant continues to cash out its Bitcoin reserves. Tens of millions of dollars worth of the flagship cryptocurrency have been funneled to institutional Bitcoin broker NYDIG.
The $39 million transfer.
According to blockchain tracking firm Lookonchain, Riot Platforms deposited an additional 500 BTC (valued at approximately $39 million) to an NYDIG deposit address.
Over the past two weeks, Riot has been sending regular batches ranging from 60 to 125 BTC to NYDIG execution hot wallets almost daily.
There have been multiple major transfers, including another 500 BTC deposit exactly two weeks prior.
Miner capitulation.
After the latest Bitcoin halving, which slashed the block subsidy by 50%, miners are facing intense pressure to remain profitable.
The network's mining difficulty continues to climb. Due to this factor, companies upgrade their fleets with the most energy-efficient ASIC rigs and expand their physical infrastructure.
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