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 ...
PEPE 60% Below ATH; Time For PEPETO?
