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Public Bitcoin Mining Firms Are Nearly Out Of Coins To Sell

Public Bitcoin Mining Firms Are Nearly Out Of Coins To Sell


NewsBTC
2022-09-07 17:00:21
Public Bitcoin Mining Firms Are Nearly Out Of Coins To Sell

Public bitcoin mining firms have been caught between a rock and a hard place with the decline in bitcoin prices. As their cash flow had declined significantly, they had turned to sell BTC to be able to keep up with the costs of their operations. The massive stash of BTC that these public miners had stacked up during the incredible year of 2021 is now making its way to the market. But they are quickly running out of coins to sell. Bitcoin Miners Dump Coins Over the last three months, there have been reports of Bitcoin miners dumping thousands of BTC. The volume of BTC being sold was alarming because they were more than the miners were producing in a month. Related Reading: CAKE Sets Sights For $5 After More Than 7 Million Tokens Are Sent To A Fiery Death On September 2nd, blockchain data aggregation firm CryptoQuant revealed that bitcoin miners had sold about 4,586 BTC in 3 days. At the time, bitcoin’s price was trending just above $20,000, bringing the dollar value of the sale to more than $93 million at the time. In the month of July, public bitcoin miners had sold off a collective 5,700 BTC. The trend would continue into the month of August as miners continued to offload more questions. By the third week of August, they had dumped more than 6,000 BTC. By selling their stash of BTC, public bitcoin miners have been able to keep bankruptcy at bay. However, their stash of BTC is not bottomless, and they are running out of coins ...

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