{"id":501392,"date":"2022-09-07T17:00:21","date_gmt":"2022-09-07T17:00:21","guid":{"rendered":"https:\/\/ktsl888.com\/?p=501392"},"modified":"2024-06-11T14:26:00","modified_gmt":"2024-06-11T14:26:00","slug":"public-bitcoin-mining-firms-are-nearly-out-of-coins-to-sell","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/public-bitcoin-mining-firms-are-nearly-out-of-coins-to-sell\/","title":{"rendered":"Public Bitcoin Mining Firms Are Nearly Out Of Coins To Sell"},"content":{"rendered":"

Public bitcoin mining firms have been caught between a rock and a hard place with the decline in bitcoin prices. As their cash flow had declined significantly, they had turned to sell BTC to be able to keep up with the costs of their operations. The massive stash of BTC that these public miners had stacked up during the incredible year of 2021 is now making its way to the market. But they are quickly running out of coins to sell.<\/p>\n

Bitcoin Miners Dump Coins<\/h2>\n

Over the last three months, there have been reports of Bitcoin miners dumping thousands of BTC. The volume of BTC being sold was alarming because they were more than the miners were producing in a month.<\/p>\n

Related Reading: CAKE Sets Sights For $5 After More Than 7 Million Tokens Are Sent To A Fiery Death<\/a><\/strong><\/em><\/div>\n

On September 2nd, blockchain data aggregation firm CryptoQuant revealed that bitcoin miners had sold about 4,586 BTC in 3 days. At the time, bitcoin\u2019s price was trending just above $20,000, bringing the dollar value of the sale to more than $93 million at the time.<\/p>\n

\"Bitcoin<\/p>\n

In the month of July, public bitcoin miners had sold off a collective 5,700 BTC. The trend would continue into the month of August as miners continued to offload more questions. By the third week of August, they had dumped more than 6,000 BTC.<\/p>\n

By selling their stash of BTC, public bitcoin miners have been able to keep bankruptcy at bay. However, their stash of BTC is not bottomless, and they are running out of coins to sell.<\/p>\n

Miners\u2019 Balances Run Low<\/h2>\n

Public bitcoin miners have now sold a healthy part of their balance sheets at this point. The sales have been understandable given the state of the market, but miners are now facing another problem, and that is the fact that they are running out of BTC to sell. Since they have been selling more BTC than they have been producing, their balances have taken a hit. \"Bitcoin<\/p>\n

Miners running out of BTC to sell | Source: Arcane Research<\/a><\/pre>\n
However, not all miners have followed this trend. In fact, some miners have taken this time to increase their holdings. Riot Blockchain is an example of a public bitcoin miner that grew its holding in the last 3 months by almost 100%. Cleanspark also recorded about a 15% increase in its BTC balances.\u00a0 Meanwhile, contesting the claims in recent reports, Hut 8 has clarified that the company has not sold its stack as mentioned by certain agencies and they currently hold around 8,111 BTC in reserves<\/a>.<\/p>\n
Related Reading: Top Exchanges Mark Readiness For Vasil, Can Cardano Rally To $1?<\/a><\/strong><\/em><\/div>\n
Despite these miners having to sell large quantities of BTC, the majority continue to do well financially. The only one on the list seeing deep financial struggles is Stronghold, and this has to do with the fact that the company did not have much in the way of a large BTC balance, to begin with.<\/p>\n
Featured image from Vecteezy, charts from Arcane Research and 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","protected":false},"excerpt":{"rendered":"
Public bitcoin mining firms have been caught between a rock and a hard place with the decline in bitcoin prices. As their cash flow had declined significantly, they had turned to sell BTC to be able to keep up with the costs of their operations. The massive stash of BTC that these public miners had stacked up during the incredible year of 2021 is now making its way to the market. But they are quickly running out of coins to sell. Bitcoin Miners Dump Coins Over the last three months, there have been reports of Bitcoin miners dumping thousands of BTC. The volume of BTC being sold was alarming because they were more than the miners were producing in a month. Related Reading: CAKE Sets Sights For $5 After More Than 7 Million Tokens Are Sent To A Fiery Death On September 2nd, blockchain data aggregation firm CryptoQuant revealed that bitcoin miners had sold about 4,586 BTC in 3 days. At the time, bitcoin\u2019s price was trending just above $20,000, bringing the dollar value of the sale to more than $93 million at the time. In the month of July, public bitcoin miners had sold off a collective 5,700 BTC. The trend would continue into the month of August as miners continued to offload more questions. By the third week of August, they had dumped more than 6,000 BTC. By selling their stash of BTC, public bitcoin miners have been able to keep bankruptcy at bay. However, their stash of BTC is not bottomless, and they are running out of coins to sell. Miners\u2019 Balances Run Low Public bitcoin miners have now sold a healthy part of their balance sheets at this point. The sales have been understandable given the state of the market, but miners are now facing another problem, and that is the fact that they are running out of BTC to sell. Since they have been selling more BTC than they have been producing, their balances have taken a hit. Miners running out of BTC to sell | Source: Arcane Research However, not all miners have followed this trend. In fact, some miners have taken this time to increase their holdings. Riot Blockchain is an example of a public bitcoin miner that grew its holding in the last 3 months by almost 100%. Cleanspark also recorded about a 15% increase in its BTC balances.\u00a0 Meanwhile, contesting the claims in recent reports, Hut 8 has clarified that the company has not sold its stack as mentioned by certain agencies and they currently hold around 8,111 BTC in reserves. Related Reading: Top Exchanges Mark Readiness For Vasil, Can Cardano Rally To $1? Despite these miners having to sell large quantities of BTC, the majority continue to do well financially. The only one on the list seeing deep financial struggles is Stronghold, and this has to do with the fact that the company did not have much in the way of a large BTC balance, to begin with. Featured image from Vecteezy, charts from Arcane Research and 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":501400,"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":[428,639,86785,1119,1144,78790],"class_list":["post-501392","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-miners","tag-bitcojn-mining","tag-btc","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\nPublic Bitcoin Mining Firms Are Nearly Out Of Coins To Sell<\/title>\n<meta name=\"description\" content=\"Public bitcoin mining firms have been caught between a rock and a hard place with the decline in bitcoin prices. 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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":"Public Bitcoin Mining Firms Are Nearly Out Of Coins To Sell","url":"http:\/\/ktsl888.com\/news\/public-bitcoin-mining-firms-are-nearly-out-of-coins-to-sell\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/public-bitcoin-mining-firms-are-nearly-out-of-coins-to-sell\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/09\/bitcoin-miners.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/09\/bitcoin-miners.jpeg?fit=612%2C433"},"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","bitcojn mining","btc","btcusd","btcusdt"],"dateCreated":"2022-09-07T17:00:21Z","datePublished":"2022-09-07T17:00:21Z","dateModified":"2024-06-11T14:26:00Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Public Bitcoin Mining Firms Are Nearly Out Of Coins To Sell\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/public-bitcoin-mining-firms-are-nearly-out-of-coins-to-sell\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/public-bitcoin-mining-firms-are-nearly-out-of-coins-to-sell\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2022\\\/09\\\/bitcoin-miners.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2022\\\/09\\\/bitcoin-miners.jpeg?fit=612%2C433\"},\"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\",\"bitcojn mining\",\"btc\",\"btcusd\",\"btcusdt\"],\"dateCreated\":\"2022-09-07T17:00:21Z\",\"datePublished\":\"2022-09-07T17:00:21Z\",\"dateModified\":\"2024-06-11T14:26:00Z\"}<\/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\/09\/bitcoin-miners.jpeg?fit=612%2C433","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/501392","targetHints":{"allow":["GET"]}}],"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=501392"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/501392\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/501400"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=501392"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=501392"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=501392"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}