{"id":492025,"date":"2022-06-02T23:00:49","date_gmt":"2022-06-02T23:00:49","guid":{"rendered":"https:\/\/wncen.com\/?p=492025"},"modified":"2024-06-11T08:04:34","modified_gmt":"2024-06-11T08:04:34","slug":"brace-for-impact-bitcoin-miners-have-begun-dumping-their-holdings","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/brace-for-impact-bitcoin-miners-have-begun-dumping-their-holdings\/","title":{"rendered":"Brace For Impact: Bitcoin Miners Have Begun Dumping Their Holdings"},"content":{"rendered":"

For the longest time, bitcoin miners have held on to the spoils of their activities. That is when the profitability of mining the cryptocurrency was still high. Due to a high cash flow, these miners could afford to hold on to a good portion of their rewards while being able to still carry out their operations. However, recent market trends have tanked the profitability of bitcoin mining, leading miners to start dipping into their BTC stash and selling to keep operations alive.<\/p>\n

Bitcoin Miners Are Selling<\/h2>\n

A good number of bitcoin miners had held on to the considerable bags mostly through the bear market. With the turn of the market and bitcoin now trading below $29,000, it has become harder for miners to hold on to these coins without compromising their ability to fund their operations. The result of this has been a number of prominent bitcoin mining companies coming out to say that they have sold or will be selling some of the BTC they hold.<\/p>\n

Related Reading |\u00a0Bitcoin Exchange Outflows Suggest That Investors Are Starting To Accumulate<\/a><\/strong><\/em><\/p>\n

Marathon Digital is no doubt one of the first names that pop up when the topic of bitcoin mining comes up. The company has been able to cement its position as a top contender in the mining world and has attracted a large number of investors but even big companies have not been able to escape the market onslaught.<\/p>\n

Last month, the firm had announced during an earnings call that it may have to sell some of its bitcoin holdings. Marathon Digital holds more than 9,600 BTC, most of which it has held for almost two years. However, it seems the day of reckoning is fast approaching and even large companies will have to get rid of some of their BTC.<\/p>\n

\"Bitcoin<\/p>\n

BTC continues to struggle as sell-offs intensify | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Companies that have already sold some of their BTC include Riot and Cathedra Bitcoin. Riot had reportedly sold about $10 million worth of Bitcoin back in April which came out to a total of 250 BTC. Most recently, Cathedra Bitcoin had announced<\/a> that it sold 235 BTC at an average price of $29,152. It came out to a little over $8.7 million. The company explained in its report that this was to help it insulate \u201citself from additional declines in the price of bitcoin and maintains its liquidity position.\u201d<\/p>\n
Mining No Longer Profitable?<\/h2>\n
Bitcoin mining remains profitable but with the price more than 50% down from its all-time high, the profitability has declined by a significant margin. A report from Bitcoinist<\/a> highlighted the profitability of BTC mining machines. The miners are now returning 50% less cash flow than they did when BTC was trading at $69,000.<\/p>\n
Related Reading |\u00a0Bitcoin Rests Tentatively Above $31,000, Bull Rally Or Trap?<\/a><\/strong><\/em><\/p>\n
Additionally, daily miner revenues are still on the low side. It had grown by 4.50% last week to land at its $26,706,581 value but these remain low. It is a result of the average transaction value and daily transactions being down over the past week.\u00a0<\/span><\/p>\n
Faith in bitcoin mining stocks is also on the decline. So now, miners are forced to sell some of their BTC holdings to be able to keep their operations going.<\/p>\n
Featured image from Outlook India, chart 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>\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"
For the longest time, bitcoin miners have held on to the spoils of their activities. That is when the profitability of mining the cryptocurrency was still high. Due to a high cash flow, these miners could afford to hold on to a good portion of their rewards while being able to still carry out their operations. However, recent market trends have tanked the profitability of bitcoin mining, leading miners to start dipping into their BTC stash and selling to keep operations alive. Bitcoin Miners Are Selling A good number of bitcoin miners had held on to the considerable bags mostly through the bear market. With the turn of the market and bitcoin now trading below $29,000, it has become harder for miners to hold on to these coins without compromising their ability to fund their operations. The result of this has been a number of prominent bitcoin mining companies coming out to say that they have sold or will be selling some of the BTC they hold. Related Reading |\u00a0Bitcoin Exchange Outflows Suggest That Investors Are Starting To Accumulate Marathon Digital is no doubt one of the first names that pop up when the topic of bitcoin mining comes up. The company has been able to cement its position as a top contender in the mining world and has attracted a large number of investors but even big companies have not been able to escape the market onslaught. Last month, the firm had announced during an earnings call that it may have to sell some of its bitcoin holdings. Marathon Digital holds more than 9,600 BTC, most of which it has held for almost two years. However, it seems the day of reckoning is fast approaching and even large companies will have to get rid of some of their BTC. BTC continues to struggle as sell-offs intensify | Source: BTCUSD on TradingView.com Companies that have already sold some of their BTC include Riot and Cathedra Bitcoin. Riot had reportedly sold about $10 million worth of Bitcoin back in April which came out to a total of 250 BTC. Most recently, Cathedra Bitcoin had announced that it sold 235 BTC at an average price of $29,152. It came out to a little over $8.7 million. The company explained in its report that this was to help it insulate \u201citself from additional declines in the price of bitcoin and maintains its liquidity position.\u201d Mining No Longer Profitable? Bitcoin mining remains profitable but with the price more than 50% down from its all-time high, the profitability has declined by a significant margin. A report from Bitcoinist highlighted the profitability of BTC mining machines. The miners are now returning 50% less cash flow than they did when BTC was trading at $69,000. Related Reading |\u00a0Bitcoin Rests Tentatively Above $31,000, Bull Rally Or Trap? Additionally, daily miner revenues are still on the low side. It had grown by 4.50% last week to land at its $26,706,581 value but these remain low. It is a result of the average transaction value and daily transactions being down over the past week.\u00a0 Faith in bitcoin mining stocks is also on the decline. So now, miners are forced to sell some of their BTC holdings to be able to keep their operations going. Featured image from Outlook India, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet\u2026\u00a0<\/p>\n","protected":false},"author":541,"featured_media":492028,"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":[428,640,6128,86080,1119,84159,1144,11450,83927,86081],"class_list":["post-492025","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-mining","tag-bitcoin-mining-companies","tag-bitcoin-mining-profitability","tag-btc","tag-btc-mining","tag-btcusd","tag-crypto-mining","tag-mining-companies","tag-mining-profitability"],"acf":[],"yoast_head":"\nBrace For Impact: Bitcoin Miners Have Begun Dumping Their Holdings<\/title>\n<meta name=\"description\" content=\"For the longest time, bitcoin miners have held on to the spoils of their activities. 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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:\/\/wncen.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Brace For Impact: Bitcoin Miners Have Begun Dumping Their Holdings","url":"http:\/\/wncen.com\/news\/brace-for-impact-bitcoin-miners-have-begun-dumping-their-holdings\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/brace-for-impact-bitcoin-miners-have-begun-dumping-their-holdings\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/06\/bitcoin-mining.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/06\/bitcoin-mining.jpeg?fit=1200%2C675"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin mining","bitcoin mining companies","bitcoin mining profitability","btc","btc mining","btcusd","crypto mining","mining companies","mining profitability"],"dateCreated":"2022-06-02T23:00:49Z","datePublished":"2022-06-02T23:00:49Z","dateModified":"2024-06-11T08:04:34Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Brace For Impact: Bitcoin Miners Have Begun Dumping Their Holdings\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/brace-for-impact-bitcoin-miners-have-begun-dumping-their-holdings\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/brace-for-impact-bitcoin-miners-have-begun-dumping-their-holdings\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/06\\\/bitcoin-mining.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/06\\\/bitcoin-mining.jpeg?fit=1200%2C675\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin mining\",\"bitcoin mining companies\",\"bitcoin mining profitability\",\"btc\",\"btc mining\",\"btcusd\",\"crypto mining\",\"mining companies\",\"mining profitability\"],\"dateCreated\":\"2022-06-02T23:00:49Z\",\"datePublished\":\"2022-06-02T23:00:49Z\",\"dateModified\":\"2024-06-11T08:04:34Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/06\/bitcoin-mining.jpeg?fit=1200%2C675","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/492025","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=492025"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/492025\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/492028"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=492025"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=492025"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=492025"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}