Saturday, December 3, 2022
HomeBTCBitcoin miners made quick profit by selling around 6,000 BTC during the...

Bitcoin miners made quick profit by selling around 6,000 BTC during the recent rally

The last year has been challenging for cryptocurrency miners, many of whom were forced to liquidate their holdings in order to pay for ongoing operations, finance business growth, and fulfil financial obligations. On the other hand, it seems that this trend will go on into the third quarter for a number of people.

According to the data from Glassnode that was shared by well-known trader Ali Martinez, miners on the network have unloaded almost 6,000 BTC over the course of the last two weeks. According to the price level that existed at the time of the sale, the bitcoin that was sold had a value of around $142 million.

The price of bitcoin managed to break out of its range before hitting resistance at the $25,000 mark. Since then, it has been moving in the other direction. As a result of this, Bitcoin miners are facing increasing amounts of selling pressure. Despite this, they were able to earn some gains by selling their tokens during the short rise that occurred at the beginning of August.

The large mining rigs were not exempt from this fate either. According to recent reports, the leading three Bitcoin mining businesses that are quoted on the US stock exchange lost more than one billion dollars during the second quarter of 2022.

Core Scientific Inc., Marathon Digital Holdings Inc., and Riot Blockchain Inc. each reported quarterly losses of $862 million, $192 million, and $366 million, respectively, in their financial reports.

The most recent pattern appears a few weeks after miners started holding again, just as miner balance reached its highest point in four years.

Read more at Cryptoshrypto:
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.


Please enter your comment!
Please enter your name here

18 − three =

- Advertisment -

Most Popular