{"id":495108,"date":"2022-07-07T23:00:36","date_gmt":"2022-07-07T23:00:36","guid":{"rendered":"https:\/\/ktsl888.com\/?p=495108"},"modified":"2024-06-11T14:21:23","modified_gmt":"2024-06-11T14:21:23","slug":"decline-in-bitcoin-miner-revenues-suggests-more-sell-offs-may-follow","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/decline-in-bitcoin-miner-revenues-suggests-more-sell-offs-may-follow\/","title":{"rendered":"Decline In Bitcoin Miner Revenues Suggests More Sell-Offs May Follow"},"content":{"rendered":"

Bitcoin miner revenues have been in decline since the bear trend began and this has led a good number of miners to sell their BTC holdings in order to keep their operations afloat. However, the expectation that the bear market would soon resolve and miners would once again be in the green has since gone out the window. With miner revenues continuing to plummet, miners may have to resume selling off their holdings to keep up with the market.<\/p>\n

Miner Revenues Fall<\/h2>\n

For the past week, there has been no change in the downtrend in miner revenues. On-chain metrics show that it was down 0.59% from the prior seven days bringing the total daily miner revenues to $18.62 million. Mostly, it has remained flat during this time and other metrics have dived further into the red during this time.<\/p>\n

Related Reading |\u00a0Institutional Investors Remain Bearish As Short Bitcoin Sees Record Inflows<\/a><\/strong><\/em><\/p>\n

An example is the fees per day culled by miners. It was down 10.55% in the same time period, one of the highest declines recorded in this time period. With fees per day being so low, the percentage of the daily miner revenues which it makes up is also down, now sitting at 1.50%.<\/p>\n

Additionally, the daily transaction volumes are also down, which explains the decline in fees per day realized. This was down 9.75%, although transactions per day had seen some growth. It rose 1.96% in the same time period and is now at 248,071 per day.<\/p>\n

Average transaction volume has also followed the decline in network activity with an 11.46% decline. This now stands at $16,333.<\/p>\n

Bitcoin Miners Selling Bitcoin?<\/h2>\n

Over the course of the last several months, miners have seen their cash flow plummet. These miners still have outstanding debts from machine orders that they had made during the bull market of 2021 but have not been profitable enough to keep their mining activities going. What had resulted from this was a sell-off among bitcoin miners.<\/p>\n

Most prominent of these have been the sell-offs from top public bitcoin miners such as Marathon Digital and Riot Blockchain. In June, it was reported that these public miners had had to sell off more BTC than they had produced in the space of a month.<\/p>\n

\"Bitcoin<\/p>\n

BTC close to test $21,000 | Source: BTCUSD on TradingView.com<\/a><\/pre>\n

Most recently, the news of another bitcoin miner dumping its holdings emerged. This time around, Core Scientific had announced that it had sold the majority of its BTC in a monthly update post. It realized a total of $167 million from the sale of 7,202 BTC. Following this, the miner\u2019s bitcoin holdings now sit at 1,959 BTC.<\/p>\n

Related Reading |\u00a0SEC Still Against Spot-based Bitcoin ETFs. Is There A Light At The End Of The Tunnel?<\/a><\/strong><\/em><\/p>\n

This trend was expected as soon as the price had begun to drop. However, with no recovery in sight, it is expected that more miners will come forward to sell their BTC. What\u2019s more, these are reports from public miners and there\u2019s no way to tell how much BTC private miners have had to dump.<\/p>\n

Featured image from BBC, charts from TradingView.com<\/pre>\n

Follow <\/i><\/b>Best Owie on Twitter<\/i><\/b><\/a> for market insights, updates, and the occasional funny tweet\u2026<\/i><\/b><\/span><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin miner revenues have been in decline since the bear trend began and this has led a good number of miners to sell their BTC holdings in order to keep their operations afloat. However, the expectation that the bear market would soon resolve and miners would once again be in the green has since gone out the window. With miner revenues continuing to plummet, miners may have to resume selling off their holdings to keep up with the market. Miner Revenues Fall For the past week, there has been no change in the downtrend in miner revenues. On-chain metrics show that it was down 0.59% from the prior seven days bringing the total daily miner revenues to $18.62 million. Mostly, it has remained flat during this time and other metrics have dived further into the red during this time. Related Reading |\u00a0Institutional Investors Remain Bearish As Short Bitcoin Sees Record Inflows An example is the fees per day culled by miners. It was down 10.55% in the same time period, one of the highest declines recorded in this time period. With fees per day being so low, the percentage of the daily miner revenues which it makes up is also down, now sitting at 1.50%. Additionally, the daily transaction volumes are also down, which explains the decline in fees per day realized. This was down 9.75%, although transactions per day had seen some growth. It rose 1.96% in the same time period and is now at 248,071 per day. Average transaction volume has also followed the decline in network activity with an 11.46% decline. This now stands at $16,333. Bitcoin Miners Selling Bitcoin? Over the course of the last several months, miners have seen their cash flow plummet. These miners still have outstanding debts from machine orders that they had made during the bull market of 2021 but have not been profitable enough to keep their mining activities going. What had resulted from this was a sell-off among bitcoin miners. Most prominent of these have been the sell-offs from top public bitcoin miners such as Marathon Digital and Riot Blockchain. In June, it was reported that these public miners had had to sell off more BTC than they had produced in the space of a month. BTC close to test $21,000 | Source: BTCUSD on TradingView.com Most recently, the news of another bitcoin miner dumping its holdings emerged. This time around, Core Scientific had announced that it had sold the majority of its BTC in a monthly update post. It realized a total of $167 million from the sale of 7,202 BTC. Following this, the miner\u2019s bitcoin holdings now sit at 1,959 BTC. Related Reading |\u00a0SEC Still Against Spot-based Bitcoin ETFs. Is There A Light At The End Of The Tunnel? This trend was expected as soon as the price had begun to drop. However, with no recovery in sight, it is expected that more miners will come forward to sell their BTC. What\u2019s more, these are reports from public miners and there\u2019s no way to tell how much BTC private miners have had to dump. Featured image from BBC, charts from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet\u2026  <\/p>\n","protected":false},"author":541,"featured_media":495112,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,639,640,1119,1144],"class_list":["post-495108","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-miners","tag-bitcoin-mining","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nDecline In Bitcoin Miner Revenues Suggests More Sell-Offs May Follow<\/title>\n<meta name=\"description\" content=\"Bitcoin miner revenues have been in decline since the bear trend began and this has led a good number of miners to sell their BTC holdings in order to\" \/>\n<meta name=\"robots\" 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Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best\u2019s publications, which are always clear and concise, enabling easy reading and understanding for all. Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/ktsl888.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Decline In Bitcoin Miner Revenues Suggests More Sell-Offs May Follow","url":"http:\/\/ktsl888.com\/news\/decline-in-bitcoin-miner-revenues-suggests-more-sell-offs-may-follow\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/decline-in-bitcoin-miner-revenues-suggests-more-sell-offs-may-follow\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/07\/bitcoin-3.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/07\/bitcoin-3.jpeg?fit=976%2C549"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin miners","bitcoin mining","btc","btcusd"],"dateCreated":"2022-07-07T23:00:36Z","datePublished":"2022-07-07T23:00:36Z","dateModified":"2024-06-11T14:21:23Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Decline In Bitcoin Miner Revenues Suggests More Sell-Offs May Follow\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/decline-in-bitcoin-miner-revenues-suggests-more-sell-offs-may-follow\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/decline-in-bitcoin-miner-revenues-suggests-more-sell-offs-may-follow\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2022\\\/07\\\/bitcoin-3.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2022\\\/07\\\/bitcoin-3.jpeg?fit=976%2C549\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin miners\",\"bitcoin mining\",\"btc\",\"btcusd\"],\"dateCreated\":\"2022-07-07T23:00:36Z\",\"datePublished\":\"2022-07-07T23:00:36Z\",\"dateModified\":\"2024-06-11T14:21:23Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/07\/bitcoin-3.jpeg?fit=976%2C549","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/495108"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=495108"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/495108\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/495112"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=495108"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=495108"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=495108"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}