It has been suggested that sales that suppress Bitcoin (BTC) downwards may be made by miners.
According to a study by CoinDesk, one of the important factors hindering the rise of Bitcoin may be that miners sell their BTCs. According to data provided by the on-chain analysis platform Glassnode, 30-day supply change repeatedly 20 days along negative it happened. This data means that miners are selling the new Bitcoins they produce.
The data in question April 10 with June 27 It was always positive, with the exception of one day between dates. The price of miners who did not sell the Bitcoins they produced at that time to the band of 30 thousand dollars increasing its cash reserves against a possible fall. It is thought that he may be preparing.
Cryptocurrency exchange Bitfinex In a recent report by Chinese based poolin was stated. Bitfinex’s comment on the subject was as follows:
We continue to believe that this activity points to potential risk aversion or hedging strategies adopted by miners. The difficulty of Bitcoin mining has also reached an all-time high, a testament to the robustness of the network and the increased trust of miners. Miners are sending more Bitcoin to exchanges as they allocate more resources to mining, thus triggering mining difficulty.
On the other hand, although miners tend to sell their assets, the number of Bitcoins owned by miners from January 2023 to the present. From 1.82 million to 1.83 million output. According to market analysts, these sales are only it’s about getting the snow on the table represents a reflex. Bitcoin miners in 2022 during bear season He suffered serious losses and had to borrow money.
According to analysts, from a general perspective, miners did not make a massive and voluminous debut looks. Especially in the summer months when the costs of cooling the mining equipment increase, the short-term and capital-raising sales of the miners are considered reasonable.
Although the production cost of one Bitcoin varies according to conditions such as electricity costs and mining difficulty level, it is currently the average for the production of 1 BTC. 18-20 thousand dollars is spent.