Miners sold 400% of bitcoins mined in June

According to analysts at Arcane Research, this is “the worst bitcoin selling” in history

19.07.2022 - 06:45

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What’s new? Public mining companies sold 14 600 bitcoins in June, representing 23% of their total reserves and around 400% of all volume cryptocurrency mined in a month. According to Arcane Research analyst Jason Mallory, from January to April, miners sold an average of 20-40% of the coins mined. He noted that “this strategy worked well until the bear market arrived” and in May companies sold 100% of their mined BTC.

Arcane Research’s report

What other data has been published? Core Scientific sold the most cryptocurrency (10 000 BTC). It was previously the largest holder but has now dropped to sixth place with 1959 BTC. The leader in terms of owned cryptocurrency among publicly traded mining companies has become Marathon Digital Holdings, which owns 10 055 bitcoins. Mallory noted that after the sale, the companies’ holdings returned to the figure at the start of the year.

In his view, “the worst bitcoin selling” by miners took place in June, and sales of the asset will slow down going forward. Companies have already sold most of their reserves and reduced their volume of bitcoin-backed loans.

Earlier, it became known that amid the volatility of the cryptocurrency market, Russian miners began to actively sell off equipment to return funds invested in the business. As Rossiyskaya Gazeta noted, the profits of individuals and small cryptocurrency mining companies decreased significantly, while large players, having more resources, retained opportunities for work and development.

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