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Some miners are selling more coins than usual but that’s no reason to panic

bitcoin cryptocurrency cryto mining investing

WHICH MINERS SELL THEIR BITCOIN?

Some high-profile mining companies have released statements or commented on their new sale during the earnings decisions. Revolt Blockchain sold 250 BTC in April to generally make $10 million in real money. Center Scientific told backers that it has sold some coins over time and that we "should expect that to be the case." Marathon Digital also told backers that they would sell some coins "for executive deposit depending on the situation." Cathedra sold 235 BTC in May as part of belated actions to “de-risk and strengthen its cash balance.”

On-chain analysis of bitcoins owned by miners also shows a slight drop in ownership. Coins saved to addresses that bounce from mining items (i.e., generally anyone with a location that receives payments from a mining pool) 2.5% since January from 2.6 million BTC to 2.54 million BTC, according to Coin Metrics data. The zero-bounce power supply tends to add 1.79 million BTC compared to 0.1% over a similar period, according to a similar source.

WHY DO BITCOIN MINERS SELL?

The purposes behind the filing of executive elections made by a mining organization can vary widely. If a coin's dollar value is lower, however, the excavators may have to offer a few extra coins to cover similar labor costs. As the hash cost (a percentage of revenue per unit of hash rate) steadily decreases, some miners may offer a few extra coins to top up their stormy daily reserves. Personal protection is ridiculously not  the same as negativity, whatever that may be. Bulldozers still periodically find new blocks. Approximately 900 BTC is still being mined constantly. The excavators do their job. Offering a few extra coins to ensure they can continue on those errands should be an invitation, not a rave.

DON'T WORRY ABOUT MINERS SELLING BITCOIN

Changes in the bitcoin market cycle are becoming apparent as everyone focuses on miners selling bitcoin versus those trading and buying bitcoin. For example, in January 2021, Marathon Digital stood out as truly newsworthy because it bought $150 million worth of bitcoin from the market, in addition to the coins mined at its offices. Around the same time, Argo Blockchain also sold some of its money for bitcoin.

Imagine what the Bitcoin economy would be like if prospectors never sold, which is by all reports a situation many Bitcoin supporters would like to see. There would be no Bitcoin economy. No one but miners would own bitcoins, and no one would be able to access bitcoins apart from mining, and surprisingly, once mined, the coins could not be spent on anything.

With lower costs and slightly worse mining financial problems, everyone panics when a title says the bulldozers have sold some coins. However, Bitcoin bulldozers are the ultimate reliable sitting bulls on one of the most widely used long bitcoin exchanges on the market. Some search engine sales are important, solid, and definitely not a good reason to overreact.


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