bitcoin (BTC) miners have recently started sending their assets to exchanges. Chinese mining pool 1THash attracted attention by transferring 5,592 BTC on January 17. The tendency to send to exchanges continues regardless of the movements in the markets. So what do these moves mean?
Drawing attention to this development, CryptoQuant writer Julio Moreno underlined that 5,732 BTC worth $12.01 million has now left the pool reserves.
recent large #Bitcoin miner outflows went to exchanges. 🧵
The BTC was from mining pool 1THash.
1. Two txs: one on Jan 17 for 2.396 BTC and another on Jan 19 for 3.336 BTC.
2. The 3,336 BTC went straight into Binance.
3. 1THash reserves are now zero. pic.twitter.com/mE989fYPaVNEWS CONTINUES BELOW
— Julio Moreno (@jjcmoreno) January 19, 2023
Koinfinans.com As we reported, the first transaction started on January 17 with the exit of 2,396 Bitcoins. The second transaction took place on January 19 with 3,335 BTC. After the aforementioned interests, there is no BTC left in the pool of 1THash. All transfers in the second transaction BinanceIt should be underlined that it was sent to .
2,256 of the moved assets in the first transaction were also sent to Binance by different wallets. The address that received the tokens eventually split 6136 BTC into different wallets, mixing them with other tokens. CryptoQuant CEO Ki Young Ju also highlighted the development.
Miner(s) in 1THash pool sent 3,336 $BTC to Binance. https://t.co/2xvlrc9QuP
— Ki Young Ju (@ki_young_ju) January 19, 2023
While the reason for this transfer is not clear, some experts think that Bitcoins will not be sold any time soon. However, it should be underlined that BTC miners sold more than 7000 BTC in five days. Miners sold 4,586 BTC in just three days in September 2022. As a matter of fact, the price was trading around $20,000, similar to today.
As a result, compared to other mining giants such as Foundry USA, Antpool and F2Pool, 1THash contributes very little to the global BTC hash rate. The pool, with an estimated value of 641.21 PH/s, ranks 15th in the pools ranking.
Source : The Crypto Basic