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Bitcoin miners are selling BTC holdings in a big way

 


Due to the ongoing negative market environment, Bitcoin miners have had to sell their May holdings completely. This is shown by a report by the research company Arcane.

Accordingly, digital miners threw between January and April 2022 between 20 and 40 percent of their newly created Bitcoin on the market. In May, this share was 100 percent.

According to industry experts, one reason for the sale is the rise in energy prices.

A look at the Bitcoin hash rate shows that miners are apparently gradually throttling their computing power. According to Blockchain.com , the rate is currently 206 EH/s, almost 25 EH/s from the all-time high in mid-June.

The Canadian mining company Bitfarms recently sold 3,000 BTC for almost 62 million US dollars, thereby abandoning its Hodl strategy.

Bitfarms CFO Jeff Lucas wrote on Twitter that the change in strategy was necessary in order to continue to enable mining operations and company growth.

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