Capitulation: Public Bitcoin Miners Dump 25% of BTC Holdings Last Month
July 20 2022 - 03:00PM
NEWSBTC
Data shows public Bitcoin miners dumped around 14.6k BTC during the
month of June, which is about 25% of their total holdings. Bitcoin
Public Miners Capitulate As Mining Revenues Stay Quite Low As per
the latest weekly report from Arcane Research, BTC miners sold
almost 400% of their production during the last month. Miners pay
off their electricity bills, expansions, and other running costs
using dollars. As such, the USD value of their Bitcoin rewards is
the more relevant metric for them. Since the price of the crypto
has been in a state of decline during the last few months, times
have been hard for the miners recently. Even so, the large public
mining companies still held onto their treasuries through January
to April, selling only 20% to 40% of what they mined during the
period, and accumulating the rest. This, however, couldn’t continue
in May when the value of Bitcoin took a large hit from $40k down to
$30k. Miners had to start liquidating their holdings to fund their
expenses, and in total they sold more BTC than they produced during
the month. Related Reading | How Will A New DeFi Protocol Like
Uniglo (GLO) Compete With Bitcoin (BTC), Binance Coin (BNB), And
Ethereum (ETH)? The below chart shows the amounts public Bitcoin
miners sold in each month of the year so far. Looks like these
companies have heavily sold their treasuries during the past month
| Source: Arcane Research's The Weekly Update - Week 28, 2022 As
you can see in the above graph, the Bitcoin dumping from the public
miners in June far surpassed the selling that took place in May. In
June, these mining companies mined a collective 3.9k BTC, but they
sold over 14.6k BTC at the same time. This means that they dumped
just under 400% of their total production for the month. Related
Reading | Bitcoin Dominance Dives As Ethereum Takes Up More
Space As a consequence of this selling, the BTC holdings of the
public miners have shrunk by around 25%. The report notes that some
miners have even sold almost all their treasuries, while others
haven’t liquidated much. Core Scientific was the biggest seller
during the months of May and June, selling around 10k BTC. Bitfarms
followed up Core Scientific as 2nd, dumping more than 3.3k BTC in
June. BTC Price At the time of writing, Bitcoin’s price floats
around $23.8k, up 24% in the last seven days. Over the past month,
the crypto has accumulated 17% in value. The below chart shows the
trend in the price of the coin over the last five days. The value
of the crypto has surged up over the last couple of days | Source:
BTCUSD on TradingView Featured image from Michael Förtsch on
Unsplash.com, charts from TradingView.com, Arcane Research
Binance Coin (COIN:BNBUSD)
Historical Stock Chart
From Feb 2024 to Mar 2024
Binance Coin (COIN:BNBUSD)
Historical Stock Chart
From Mar 2023 to Mar 2024