Public Bitcoin Miners Dumping Their Holdings Amid Crypto Winter's Chill
Table of contents
"Many were shocked by the public miners' massive bitcoin sales in May, but in June, they sold about 14,600 bitcoin, almost four time as much as in May. The public miners only produced 3,900 Bitcoin this month, meaning they sold almost 400% of their production. Ultimately draining their bitcoin holdings by nearly 25%," Jason Mallory, an Arcane Research Bitcoin mining analyst, wrote in a report.
The report further highlighted that Core Scientific and Bitfarms sold the most amount of BTC among all the publicly traded Bitcoin (BTC) mining companies, and Marathon and Hut 8 have the largest holdings of bitcoin after not selling in May and June.
Public Miners Hold The Most Amount Of Bitcoin
As far as public companies go, miners have accumulated a lot of Bitcoin. In fact, seven of the ten largest Bitcoin treasuries belong to miners, according to data from Bitcoin Treasuries. For instance, Core Scientific has 8,497 BTC, Marathon Digital Holdings has 8,133 BTC, Hut 8 Mining has 7,078 BTC, Riot Blockchain has 6,536 BTC, Hive Blockchain has 4,032 BTC, Bitfarms has 3,075 BTC, and Argo Blockchain has 2,317 BTC.
At the same time, Bitcoin miner-to-exchange flow ratio hit a new 7-month high when the price of the leading cryptocurrency dipped below $21,000. The decline in BTC's price has also made many mining machines unprofitable, forcing miners to leave the crypto market.