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Bitcoin Miners Dump 18,251 BTC Within 10 Days: Details

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Thu, 06/23/2022 - 15:17
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Yuri Molchan
As Bitcoin is trading near $20,000, miners have begun to sell their BTC, and new whales are buying it off their hands
Bitcoin Miners Dump 18,251 BTC Within 10 Days: Details
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Contents

IntoTheBlock on-chain data vendor has reported that while miners have been selling massive amounts of BTC recently, large new Bitcoin addresses have been emerging as whales have been buying BTC on the dip.

"Miners struggling to break even"

IntoTheBlock has reported that since June 14, Bitcoin miners have gotten rid of a staggering BTC amount: 18,251 coins worth $372,035,684 at the current exchange rate.

As the world's leading crypto has managed to climb back to the $20,000 zone, they have begun to sell their coins quickly to cover their loans and other expenses that need financing urgently.

Earlier, U.Today covered that Bitcoin mining difficulty had witnessed a significant drop, falling 2.35% in the past two weeks.

This is the second large negative adjustment since this year began and the fifth adjustment of mining difficulty for Bitcoin this year overall. Mining difficulty tends to drop when the crypto market reverses downward. Miners are forced to switch off their gear as they cannot break even or make a profit any more.

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Bitcoin Might Hit $70,000 in Few Months or Years, Says Binance CEO

Whales buying Bitcoin off miners

Santiment analytics company has reported that, this year, many large Bitcoin wallets have emerged. Over the past two weeks, a number of addresses holding 10–10,000 BTC appeared on the network, while Bitcoin was going down.

As for bigger ones, which store more than 10,000 Bitcoins, their amount has increased since February started.

Bitcoin recovers after another drop to $19,900

Earlier today, the biggest crypto by market capitalization value dropped to the $19,950 level. However, later on, it managed to climb back and stabilize for now around the $20,600 zone.

The price drop was likely caused by the aforementioned decline in Bitcoin mining difficulty and by the overall state of the market.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.