Marathon Digital, the largest Bitcoin mining company in the USA, reported that it sold a large amount of BTC in June. The company liquidated almost all of the cryptocurrencies it acquired last month.
Cryptocurrency miners turned the June rally into an opportunity
According to Glassnode data, BTC miners sold a significant amount of the Bitcoin they mined in June to finance their operations. According to the data, the currency flow of miners peaked at 4,710 BTC on June 20, the highest rate in the last five years. Other days of the month also saw significant increases in exchanges exceeding an average of 2000 BTC.
Glassnode noted that the seven-day moving average hourly flow from miners to the exchange reached 120.77 BTC, one of the highest levels since 2015.
On July 4, CryptoQuant CEO Ki Young Ju reported that miners have sent more than 54,000 BTC to Binance in the past three weeks. Ju pointed out that “there is no significant change in BTC-USD open interest. This indicates that the probability of collateral filling for new long positions is lower. Spot selling seems more likely,” he says.
Marathon Digital cashed out 71.5% of the BTCs it received in June
According to its report dated July 6, Marathon Digital sold most of the 979 BTC it issued in June. According to the report, the company generated 979 BTC last month. It disposed of 700 BTC, representing 71.5% of them.
Other miners followed the same method in June and before. For example, BTC miner Hut 8 cashed out 100% of the Bitcoin it produced in May. The company sold 70 Bitcoins it produced last year for $ 7.9 million.
Bitcoin miners made millions in the second quarter from gas fees alone
According to reports, Bitcoin miners earned $184 million in transaction fees in the second quarter of 2023. This amount is much more than miners earned during 2022. The findings are based on a report published July 5 by cryptocurrency analytics platform Coin Metrics.
Q2 of 2023 was the first quarter to exceed $100 million since Q2 of 2021. The $184 million payment amount reflects a more than 270% increase over Q1 2023. In fact, the figure was more than five times the sum of wages earned in the previous five quarters (2022 Q1 – Q1 2023).
However, transaction fees made up only 7.7% of the total $2.4 billion miners earned in the last quarter. The report attributes this increase in transaction fees specifically to Bitcoin’s recent price rally and the introduction of the BRC-20 token standard and Ordinals. However, competition in the mining fee market is getting tighter as Bitcoin’s hashrate continues to hit all-time highs over the past 12 months.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram And YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. Therefore, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.