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In line with Accountant and Bitcoin Mining Analyst at Compass Mining, Anthony Power, throughout 2021, we noticed a development of Bitcoin miners retaining most of their Bitcoin manufacturing because the cryptocurrency’s value skilled vital development.
Nonetheless, the next lower in Bitcoin’s value in 2022 pressured quite a few miners, burdened with substantial debt, to liquidate their holdings. Marathon Digital and Hut 8, particularly, have been dedicated to sustaining their Bitcoin belongings for so long as possible, in response to Energy.
Information from Glassnode assist this; as we are able to see all through 2021, miner steadiness on mixture continued to extend, however as 2022 continued, miners have been offloading to cowl money owed and obligations from a decreasing Bitcoin value.
Quick ahead to the present yr, it’s noticeable that each one miners have begun to liquidate some, if not all, of their Bitcoin manufacturing in response to the rebound in Bitcoin’s value, in response to Anthony Energy.
The graph offered beneath underlines the adopted technique by 58% of miners. They’re not solely liquidating part of their Bitcoin manufacturing but in addition growing their cryptocurrency reserves in anticipation of the halving occasion subsequent yr, in response to Anthony Energy.
The publish Bitcoin miners’ changing strategies: from hoarding to selling appeared first on CryptoSlate.
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