Bearish Signal: Bitcoin Miners Dump 7,700 BTC In One Week

Bitcoin miners are usually some of the longest holders of BTC but that is usually when the bull market is in full swing and they do not have to worry about cash flow. Currently, the cash flow on bitcoin miners has plummeted and as the price of the digital asset continues to trend low, bitcoin miners have been put in a tight spot. In response, the miners have taken to dumping their coins in order to keep their operations going. Selling Off 7,700 BTC Since the crypto winter first began following the Terra Network collapse in May, Bitcoin miners have increasingly turned to sell off their BTC holdings in order to survive. Over the last couple of months, the amount of BTC miners having to sell has been increasing. Related Reading: Bitcoin Recovers Above $17,000, Why This Could Be A Bull Trap With the most recent crypto market decline, miners have reportedly offloaded more than 7,700 BTC in a 7-day period, according to a Glassnode report. This translates to the highest dump by miners in a 4-year period, leading to a sharp decline in their balances. In total, there was 7,761 BTC sold by these miners. Miner BTC balances were down by 10% in this 7-day period, and this brings their balances to close to a one-year low.  Miners sell off BTC | Source: Glassnode The chart shows that the sharp decline is correlated with the decline in bitcoin prices. So miners are continuing to follow historical trends, where they hold when the price is on the mend and sell off their coins during periods of low prices. Why Bitcoin Miners Are Selling The decline in bitcoin price is the primary reason behind the sell-offs being carried out by these miners. Not only do low BTC prices affect the profit margins of their mining machines, but it also affects investor sentiment during this time.  BTC at $16,600 | Source: BTCUSD on TradingView.com Since investors are still very wary of investing in crypto, the shares of bitcoin mining companies have plummeted significantly. This means mining companies are having to turn to their BTC reserves in order to have enough cash flow for their businesses. Related Reading: TRX Surges Over 600% Following Justin Sun’s Deal With FTX Miners are also likely to continue selling BTC given that the market has not given any indication of hitting a bottom yet. If prices go lower, more miners will have to sell to realize some cash flow. In the meantime, these miners are putting more supply into a market that does not have enough demand to soak it up. Given this, the price of bitcoin is likely to continue its decline as the FTX debacle unfolds slowly over the next couple of months. Featured image from CNBC, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

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Bitcoin Miners Help Stabilize Texas Grid Through Bitter ‘Cold Snap’

Bitcoin Miners help the Texas power grid during Winter Storm Landon. Covered:  Texas Suffering, Bitcoin Helping Why Bitcoin Can Fix Texas Energy Needs Texas Suffering, Bitcoin Helping Texas has become the Bitcoin hub of America. The energy-rich Lone-Star state has welcomed miners with open arms, and now the miners are doing their part to give […]

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‘1 in a billion’: Second tiny miner solves a block

Each of the lucky miners will take home over $266k, as well as bragging rights to overcoming “one in several billion odds.”

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Bitcoin (BTC) hashrate shifts to the US as states vie for miners’ attention

Months after China kicked out crypto miners citing environmental concerns of the industry, a report from Foundry USA has shown that miners emigrating to the United States are seeking renewable energy sources for their operations.

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Bitcoin Miner Reserves Drop To June 2021 Levels, What This Means For Price

Bitcoin miner reserves can often be a tell for where the market could be headed next due to their large holdings. These reserves going up or down can pinpoint how miners are looking at the market, and a drop in their reserves can be bad for the BTC price. Miners Reserves Drop By 14,000 BTC [...]

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Bitcoin Demands Exceeds Miner Supply By 1,300%, Why A Push To $237,000 Is Possible

As the Bitcoin Halving draws nearer, there is so much optimism about what could happen to Bitcoins price in the aftermath of this event. This optimism is further heightened by a recent development showing how Bitcoins demand far outpaces its supply, which could see the flagship crypto token rise to as high as $237,000.  Bitcoin Demand Significantly Outpacing Its Demand Crypto analyst Willy Woo mentioned in an X (formerly Twitter) post that the Bitcoin network receives an average of $607 million of new investor demand daily. On the other hand, this demand is said to be met by a supply of just $46 million daily in terms of Bitcoin mined. This development is more significant considering that the Halving is fast approaching.  Related Reading: Bitcoin Millionaire Takes A Shot At Cardano For Being A Wannabe Ethereum Details This is when Bitcoin Miners rewards are cut in half, acting as a deflationary measure and reducing the rate at which more BTC comes into circulation. This also offers a bullish narrative, as the already insufficient supply will decline further after the Halving event. Once that happens, Bitcoin is expected to become more valuable, with more price increases imminent.  Industry expert Anthony Pompliano also highlighted this phenomenon when he noted how institutional investors were gobbling up BTC almost 13x faster than its production rate. He added that the flagship crypto token was bound to see a new all-time high (ATH) if this trend continues.  This institutional demand for BTC is mainly driven by the Spot Bitcoin ETFs, which were approved in January. Due to the impressive demand for these funds, fund issuers like BlackRock have continued to accumulate a significant portion of the BTC supply on a daily. Interestingly, these Bitcoin ETFs were reported to hold 3.3% of Bitcoins circulating supply earlier in the month.  Bitcoins Road To $237,000 In response to Willy Woos post, crypto analyst MacronautBTC made a conservative calculation of how Bitcoins price could rise to $237,000. Using a multiplier of 3x the Dollar currently flowing into the Bitcoin ecosystem, the analyst mentioned that Bitcoin could see an added market cap of 4.38 trillion.  Related Reading: Is Ripple Dumping Millions Of XRP? CTO Addresses Reasons Behind $34 Million Transaction He then added the 4.38 trillion to Bitcoins current market cap of 1 trillion, which sums up to a 5.38 trillion market cap. This potentially puts Bitcoins price at $273,000 (a year from now, going by MacronautBTCs calculation.  The analyst also highlighted how this price level coincides with predictions made by notable Bitcoin bulls. One of them is Tim Draper, who recently stated that BTC will hit $250,000 in 2025.  At the time of writing, Bitcoin is trading at around $50,900, down almost 2%% in the last 24 hours, according to data from CoinMarketCap.  BTC price sits above $51,200 | Source: BTCUSD on Tradingview.com Featured image from CNBC, chart from Tradingview.com

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Microbt Unveils New Whatsminer Bitcoin Mining Rig With 320 TH/s, Setting New Standard for Hashpower

During the Bitcoin 2023 conference in Miami, bitcoin mining rig producer Microbt unveiled three new additions to their Whatsminer series. The latest Whatsminer models, namely the M50S++, M53S++, and M56S++, boast hashpower ranging from 150 terahash per second (TH/s) to an impressive 320 TH/s. Microbt Introduces Cutting-Edge Whatsminer Models at Bitcoin 2023 This week at [...]

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Bitcoin miner revenue stabilizes as Inscriptions demand wanes

Since the beginning of 2023, a new form of non-fungible tokens (NFTs), known as Bitcoin Ordinals Inscriptions, has ignited widespread interest in the crypto space. The popularity of Inscriptions can be attributed to their novelty and the unique value proposition they offer. They provide a way for users to immortalize messages on the immutable Bitcoin […]

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CleanSpark to raise $550M via bond, not buy BTC with proceeds

CleanSpark joins the crowd in raising funds through convertible notes, but doesn't plan to invest the proceeds.

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MicroStrategy’s Bitcoin Bet, Poised for New Heights

The upcoming Bitcoin halving in April 2024 is highly anticipated and holds great importance due to its projected potential for increased gains in the overall market. Among those expected to benefit the most from this event are the Bitcoin bulls, including MicroStrategy led by Michael Saylor. It is likely that the value of MicroStrategy’s Bitcoin […]

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Bitcoin Mining Difficulty Set to Surge: Record-Breaking Increase Looms, Erasing Recent Reduction

According to data recorded on July 9, 2023, Bitcoin’s next difficulty adjustment is estimated to rise between 4.74% and 7.7%, erasing the 3.26% reduction that occurred on June 28. Moreover, the total network hashrate achieved a 24-hour all-time high on July 8, reaching 538 exahash per second (EH/s) at block height 797,733. Record-Breaking Bitcoin Difficulty [...]

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Bitcoin Miners Rake In $184M In Q2 2023 As BRC-20 Tokens Surge

The earnings from transaction fees during the second quarter of 2023 were a remarkable $184 million for Bitcoin miners. This figure goes well beyond what they made during all of 2022 and indicates a more than 270% surge from the prior quarter. According to Coin Metric’s latest report, both Bitcoin’s price surge and the growing […]

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