It has been a tough year for crypto miners who had to sell their coins to cover their costs and fund expansion as well as for the repayment of debts. But this trend appears to be continuing into the third quarter of the year for some.
Bitcoin price successfully broke out before facing rejection near the $25,000 level. Since then, it has been on a downtrend. This has resulted in mounting sell pressure on Bitcoin miners. However, during the brief upswing in early August, they managed to book some profits by selling their tokens.
According to the Glassnode data shared by popular trader Ali Martinez, nearly 6,000 BTC were offloaded by miners of the network in the last two weeks. As per the price level during the selling time, the sold BTC was worth around $142 million.
#Bitcoin miners appear to have taken advantage of the recent upswing to book profits. Data shows that miners sold 5,925 $BTC in the last two weeks, worth roughly $142 million. pic.twitter.com/slcO7SstOZ
— Ali Martinez (@ali_charts) August 19, 2022
Due to the collapse of cryptocurrency prices this year, Bitcoin miners have been pushed into a tight spot even as the network hash rate remained mostly above 190 Eh/s over the last several months and briefly broke into an ATH.
Big mining rigs weren’t spared either. The top three Bitcoin mining companies being traded on the US stock market reportedly shed over $1 billion in Q2 2022.
Quarterly earnings reports of Core Scientific Inc., Marathon Digital Holdings Inc., and Riot Blockchain Inc show losses of $862 million, $192 million, and $366 million, respectively.
The latest trend emerges a few weeks after miners began holding again as miner balance hit a 4-year high.
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