{"id":9433,"date":"2022-12-28T08:33:49","date_gmt":"2022-12-28T08:33:49","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=9433"},"modified":"2022-12-28T08:33:50","modified_gmt":"2022-12-28T08:33:50","slug":"public-bitcoin-miners-sold-almost-everything-they-mined-in-2022","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=9433","title":{"rendered":"Public Bitcoin miners sold almost everything they mined in 2022"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Publicly listed Bitcoin (BTC) miners sold off almost\u00a0all of the Bitcoin they mined throughout 2022, leading to a debate over whether the sales created &#8220;a persistent headwind&#8221; for the Bitcoin price or not.\u00a0<\/p>\n<p>Analyst Tom Dunleavy from blockchain research firm Messari shared the data in a Dec. 26 tweet, indicating that approximately 40,300 of the 40,700 BTC mined by Core Scientific, Riot, Bitfarms, Cleans Park, Marathon, Hut8, HIVE, Iris Energy, Argo and Bit Digital from Jan. 1 to Nov. 30 was sold off.<\/p>\n<p lang=\"en\" dir=\"ltr\">BTC miners sell roughly 100% of the coins they mine<\/p>\n<p>The 10 public bitcoin miners<br \/>detailed here mined ~40.7k BTC and sold ~40.3k in 2022<\/p>\n<p>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<\/p>\n<p>\u2014 Tom Dunleavy (@dunleavy89) December 26, 2022<\/p>\n<p>The reserves held by mining firms have decreased considerably during the latter half of 2022, particularly throughout November, as the crypto industry reeled from the effects of the FTX fallout. <\/p>\n<p><em>Miner reserves vs Bitcoin price from Jul. 1 to Dec. 28. Source: CryptoQuant.<\/em><\/p>\n<p>Dunleavy believes that miners consistently selling off newly produced Bitcoin places downward pressure on the price of the leading cryptocurrency.<\/p>\n<p>However, some industry commentators such as BitMEX\u2019s former CEO, Arthur Hayes, believe the selling pressure created by the increased sales of Bitcoin miners is negligible.<\/p>\n<p>He opined in a Dec. 9 blog post that \u201ceven if miners sold all the Bitcoin they produced each day, it would barely impact the markets at all.\u201d<\/p>\n<p>According to Bitcoin Visuals, on Dec. 26 the daily trading volume\u00a0for Bitcoin was $12.2 billion. The outflow from miners on the same day, according to CryptoQuant, was 919 BTC ($15.35 million), which represents just 0.13% of the total volume traded. <\/p>\n<p>Miner&#8217;s reserves have rebounded slightly during December, increasing by nearly 1%. The figure contributes to the view shared in a Dec. 27 post by crypto analyst IT Tech that the situation for miners appears to be stabilizing.<\/p>\n<p lang=\"en\" dir=\"ltr\">#Bitcoin miners &#8211; update. Is there anything to worry about?<br \/>1.<br \/>Miner Outflow <br \/>Miner Inflow <br \/>Miner Reserve<br \/>White line on the bottom &#8211; miner to Exchange flow<\/p>\n<p>2. Mining difficulty<br \/>3. Miner selling power<br \/>4. Hashrate 7D MA <\/p>\n<p>Full analysishttps:\/\/t.co\/E3o0cgaNxu<\/p>\n<p>\u2014 IT Tech (@IT_Tech_PL) December 27, 2022<\/p>\n<p><strong>Related: <\/strong><strong><em>BTC price dips 1% on Wall Street open as Bitcoin miners worry analysts<\/em><\/strong><\/p>\n<p>Miners have faced significant headwinds throughout the year, with high electricity prices, falling crypto market prices and a higher mining difficulty eating into their bottom line.<\/p>\n<p>With the cost of production for miners increasing while the Bitcoin price has been decreasing, miners such as Core Scientific have been forced to sell some of their reserves at a loss to fund their ongoing operations and efforts to expand.<\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/100-public-bitcoin-miners-sold-almost-everything-they-mined-in-2022\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Publicly listed Bitcoin (BTC) miners sold off almost\u00a0all of the Bitcoin they mined throughout 2022, leading to a debate over whether the sales created &#8220;a persistent headwind&#8221; for the Bitcoin price or not.\u00a0 Analyst Tom Dunleavy from blockchain research firm Messari shared the data in a Dec. 26 tweet, indicating that approximately 40,300 of the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":9434,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-9433","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9433","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9433"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9433\/revisions"}],"predecessor-version":[{"id":9435,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9433\/revisions\/9435"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/9434"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9433"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9433"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9433"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}