Miners sell BTC
Bitcoin miners seem to have declining reserves due to current bear market conditions. The fall in reserves hit a 12-month low below 2010, with miners’ Bitcoin reserves dropping to 1.91 million.
Miners’ Bitcoin reserves have exceeded 2 million since February 2020 and have fallen since the beginning of this year. Then it cannot be revived.
The crypto market has been in a bear market since mid-June, with Bitcoin miners selling more Bitcoin than their miners.
Last year, the Bitcoin mining market also suffered the same situation as the Chinese government announced the Bitcoin mining ban. Then the Bitcoin mining market started to improve after the crypto market conditions stabilized. Bitcoin miners had to sell BItcoin because of the profits. from mining is reduced
Bitcoin mining business is in bad shape.
The fall in Bitcoin prices has resulted in losses for small miners and bitcoin mining companies. Bitcoin miners CleanSpark and Argo have also lost losses. Last month, Compass Mining went out of business in Georgia. Things got worse when Iris Energy sold over $100 million in shares.
Experts Say Low Electricity Bitcoin Mining Companies Rarely Lose However, the bearish market outlook has affected the Bitcoin mining economy quite a bit.
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