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Home»News»Public Bitcoin Miners Cash In: All Cryptocurrency Mined in 2022 Sold Off
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Public Bitcoin Miners Cash In: All Cryptocurrency Mined in 2022 Sold Off

Saheel KhirodkarBy Saheel KhirodkarDecember 29, 2022Updated:December 29, 2022No Comments2 Mins Read
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A Bitcoin Price of $15,000 Will Make BTC Mining Profitable Post Halving
Nearly all of the reserves produced by publicly traded Bitcoin miners were sold off in 2022, but they now seem to be resuming to build reserves.

Nearly all of the Bitcoin mined in 2022 was sold off by publicly traded Bitcoin miners, sparking a discussion about whether or not the sales caused “a persistent headwind” for the price of bitcoin.

According to information shared by Messari analyst Tom Dunleavy in a tweet on December 26, roughly 40,300 of the 40,700 BTC mined by Core Scientific, Riot, Bitfarms, Cleans Park, Marathon, Hut8, HIVE, Iris Energy, Argo, and Bit Digital between January 1 and November 30 were sold off.

BTC miners sell roughly 100% of the coins they mine

The 10 public bitcoin miners
detailed here mined ~40.7k BTC and sold ~40.3k in 2022

This is a persistent headwind for BTC and for no other reason a good thesis to be bullish the ETHBTC ratio trade pic.twitter.com/L1iI6Z07p7

— Tom Dunleavy (@dunleavy89) December 26, 2022

The reserves held by mining companies have significantly decreased in the second half of 2022, particularly in November as the crypto industry struggled to recover from the fallout from the FTX.

Dunleavy thinks that the price of the top cryptocurrency is under pressure because miners are selling off newly created Bitcoin on a regular basis.

However, some industry observers, including Arthur Hayes, the former CEO of BitMEX, think the selling pressure brought on by the rise in sales of Bitcoin miners is hardly noticeable.

Even if miners sold all the Bitcoin they produced each day, he claimed in a blog post from December 9 that it “would barely impact the markets at all.”

On December 26, the daily trading volume for bitcoin was $12.2 billion, according to Bitcoin Visuals. According to CryptoQuant, the outflow from miners on the same day was 919 BTC ($15.35 million), which accounts for just 0.13% of the total volume traded.

The reserves of the miner have slightly recovered in December, rising by almost 1%. The data support the opinion expressed in a post by cryptocurrency analyst IT Tech on December 27 that things for miners appear to be stabilizing.

#Bitcoin miners – update. Is there anything to worry about?
1.
🔴Miner Outflow
🟢Miner Inflow
🟠Miner Reserve
White line on the bottom – miner to Exchange flow

2. Mining difficulty
3. Miner selling power
4. Hashrate 7D MA

Full analysis👇https://t.co/E3o0cgaNxu

— IT Tech (@IT_Tech_PL) December 27, 2022

High electricity costs, declining cryptocurrency market prices, and an increase in mining difficulty have all hurt miners’ bottom lines throughout the year.

Miners like Core Scientific have been forced to sell some of their reserves at a loss in order to pay for their ongoing operations and efforts to expand as a result of the miners’ rising cost of production and the Bitcoin price’s declining value.

Analysis BitMEX cryptocurrency miners mining
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Saheel Khirodkar
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Saheel works as a content writer for Bitnewstoday. He has always been interested in journalism and enjoys writing. Furthermore, His interest lies in cryptocurrency, and is continuously seeking for new techniques to invest. In his free time, he enjoys staying up to date on the latest industry news and spending time with his family.

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