According to data, public Bitcoin miners disposed of around 14.6k BTC in June. This is approximately 25% of their total holdings.
Bitcoin Public Miners Capitulate As Mining Revenues Stay Quite Low
According to the most recent weekly report by Arcane Research BTC miners have sold nearly 400% of the production they produced in the past month.
Mining miners use dollars to pay for their running expenses, such as electricity and expansion costs. Therefore, they consider the USD value for their Bitcoin rewards to be the more important metric.
Miners are finding it difficult lately, since the crypto price is in decline over the past few months.
The large, public mining corporations still managed to hold onto their treasuries from January through April. They sold only 20 to 40 percent of the mined material and kept the rest.
This, however, couldn’t continue in May when the value of Bitcoin took a large hit from $40k down to $30k. To fund expenses, miners were forced to liquidate their Bitcoin holdings and sold more BTC in May than they made during that month.
Related Reading: Can a New DeFi Protocol like Uniglo, (GLO), Compete with Bitcoin (BTC), Binance Coins (BNB), and Ethereum (ETH)| How Will A New DeFi Protocol Like Uniglo (GLO) Compete With Bitcoin (BTC), Binance Coin (BNB), And Ethereum (ETH)?
Below is a chart showing the total amount of Bitcoin sold by public miners in every month so far.
These companies may have sold their treasuries in the last month. Source: Arcane Research's The Weekly update - Week 28 2022| Source: Arcane Research's The Weekly Update - Week 28, 2022
You can clearly see that Bitcoin mining by public miners was far more popular than selling in May, as you can see from the graph.
These mining companies collectively mined over 3.9k BTC in June. They also sold more than 14.6k BTC simultaneously. The month’s total production was just 400%.
Read Related Articles: Ethereum Gains More Space, Bitcoin Dominance Drops| Bitcoin Dominance Dives As Ethereum Takes Up More Space
Public miners’ BTC holdings decreased 25% due to this selling. The report notes that some miners have even sold almost all their treasuries, while others haven’t liquidated much.
Core Scientific sold approximately 10k BTC during the month of May and Juni, making it the top seller. Bitfarms was 2nd in line, selling more than 3.3k BTC per month to Core Scientific.
BTC Prices
At the time of writing, Bitcoin’s price floats around $23.8k, up 24% in the last seven days. In the past month, crypto has gained 17%.
Below is a chart showing the change in coin price over the past five days.
Crypto has seen a surge in value over the past couple of days. Source: BTCUSD at TradingView| Source: BTCUSD on TradingView
Featured image from Michael Förtsch on Unsplash.com, charts from TradingView.com, Arcane Research