{"id":498308,"date":"2022-08-10T23:00:04","date_gmt":"2022-08-10T23:00:04","guid":{"rendered":"https:\/\/wncen.com\/?p=498308"},"modified":"2024-06-11T14:22:23","modified_gmt":"2024-06-11T14:22:23","slug":"bearish-signal-why-bitcoin-miner-sell-offs-may-continue","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bearish-signal-why-bitcoin-miner-sell-offs-may-continue\/","title":{"rendered":"Bearish Signal: Why Bitcoin Miner Sell-Offs May Continue"},"content":{"rendered":"<p class=\"p2\">Bitcoin miners have borne the brunt of the bear trend since it began. They watched cash flow plummet on their machines, forcing them to look to other ways to finance their operations. The natural response to this was for public miners to dip into their bitcoin reserves and begin selling off BTC to keep their operations going. For a time, it seemed miners would stop selling due to the recovery in price, but this is proving not to be the case.<\/p>\n<h2 class=\"p2\">Miners Offload More BTC<\/h2>\n<p class=\"p2\">Bitcoin miners had sold off more bitcoin than they had mined for the first time in May. The same trend then continued into June, when miners had sold thousands of BTC to cover operational and other costs. It seems this trend did not end in the month of June either, as the miners continued to sell off coins.<\/p>\n<div class=\"related-reading-shortcode\" style=\"text-align: center\"><em><strong>Related Reading: <a href=\"https:\/\/wncen.com\/news\/celsius\/cel-rallies-to-2-as-bankruptcy-proceedings-continue-but-rally-may-just-be-starting\/\">CEL Rallies To $2 As Bankruptcy Proceedings Continue, But Rally May Just Be Starting<\/a><\/strong><\/em><\/div>\n<p class=\"p2\">Data shows that bitcoin miners had actually sold 5,700 BTC in the month of July alone, the largest sale so far. These bitcoin miners had once again sold more BTC than they had actually produced. In total, it was reported that 3,470 BTC was produced for the month, meaning they sold 50% more bitcoin than they mined.<\/p>\n<p class=\"p2\">These bitcoin miners had sold more during a month when some had to shut off operations due to rising temperatures. However, one of those miners had been able to turn it around by making more money from selling energy credits to the Texas government than they would mining. The largest sellers were ousted to be CoreScientific with 1,970 BTC and BitFarms with 1,600 BTC.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/qR3F4sWo\/\" alt=\"Bitcoin price chart from TradingView.com\" width=\"3284\" height=\"1760\"><\/p>\n<pre style=\"text-align: center\">BTC recovers above $24,000 | Source: <a href=\"http:\/\/TradingView.com\" rel=\"nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<h2 class=\"p2\">Bear Trend For Bitcoin<\/h2>\n<p class=\"p2\">Bitcoin miners are often among the largest whales in the market. This means that whatever actions they take in regards to their portfolios can often have an impact on the market. It is evident when miners are not forced to sell their BTC that the price of the digital asset continues to rise, and the reverse is the case when they dump their coins.<\/p>\n<div class=\"related-reading-shortcode\" style=\"text-align: center\"><em><strong>Related Reading: <a href=\"https:\/\/wncen.com\/news\/bitcoin\/billionaire-mike-novogratz-says-bitcoin-at-30000-is-unlikely\/\">Billionaire Mike Novogratz Says Bitcoin At $30,000 Is Unlikely<\/a><\/strong><\/em><\/div>\n<p class=\"p2\">The sell-offs have all come due to the reduced revenue realized on a daily basis, and with no significant rise in miner revenues, it is expected that miners are going to have to keep selling. Daily miner revenues for the last week were muted with only a 1.58% growth, seeing them bring in $21.89 million.<\/p>\n<p class=\"p2\">If there is to be any reversal in this selling trend, bitcoin miners would have to see more cash flow from their mining activities. However, as the price remains low, these miners are realizing less, dollar-wise, compared to a few months ago, while expenses such as electricity and machines remain the same or even higher in some cases.<\/p>\n<pre style=\"text-align: center\">Featured image from Analytics Insight, chart from TradingView.com<\/pre>\n<p><span class=\"s1\"><b><i>Follow <\/i><\/b><a href=\"https:\/\/twitter.com\/BestOwie\" rel=\"nofollow\"><b><i>Best Owie on Twitter<\/i><\/b><\/a><b><i> for market insights, updates, and the occasional funny tweet\u2026<\/i><\/b><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin miners have borne the brunt of the bear trend since it began. They watched cash flow plummet on their machines, forcing them to look to other ways to finance their operations. The natural response to this was for public miners to dip into their bitcoin reserves and begin selling off BTC to keep their operations going. For a time, it seemed miners would stop selling due to the recovery in price, but this is proving not to be the case. Miners Offload More BTC Bitcoin miners had sold off more bitcoin than they had mined for the first time in May. The same trend then continued into June, when miners had sold thousands of BTC to cover operational and other costs. It seems this trend did not end in the month of June either, as the miners continued to sell off coins. Related Reading: CEL Rallies To $2 As Bankruptcy Proceedings Continue, But Rally May Just Be Starting Data shows that bitcoin miners had actually sold 5,700 BTC in the month of July alone, the largest sale so far. These bitcoin miners had once again sold more BTC than they had actually produced. In total, it was reported that 3,470 BTC was produced for the month, meaning they sold 50% more bitcoin than they mined. These bitcoin miners had sold more during a month when some had to shut off operations due to rising temperatures. However, one of those miners had been able to turn it around by making more money from selling energy credits to the Texas government than they would mining. The largest sellers were ousted to be CoreScientific with 1,970 BTC and BitFarms with 1,600 BTC. BTC recovers above $24,000 | Source: BTCUSD on TradingView.com Bear Trend For Bitcoin Bitcoin miners are often among the largest whales in the market. This means that whatever actions they take in regards to their portfolios can often have an impact on the market. It is evident when miners are not forced to sell their BTC that the price of the digital asset continues to rise, and the reverse is the case when they dump their coins. Related Reading: Billionaire Mike Novogratz Says Bitcoin At $30,000 Is Unlikely The sell-offs have all come due to the reduced revenue realized on a daily basis, and with no significant rise in miner revenues, it is expected that miners are going to have to keep selling. Daily miner revenues for the last week were muted with only a 1.58% growth, seeing them bring in $21.89 million. If there is to be any reversal in this selling trend, bitcoin miners would have to see more cash flow from their mining activities. However, as the price remains low, these miners are realizing less, dollar-wise, compared to a few months ago, while expenses such as electricity and machines remain the same or even higher in some cases. Featured image from Analytics Insight, chart 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":498313,"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":[428,639,640,1119,1144,78790],"class_list":["post-498308","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","tag-btcusdt"],"acf":[],"yoast_head":"\n<title>Bearish Signal: Why Bitcoin Miner Sell-Offs May Continue<\/title>\n<meta name=\"description\" content=\"Bitcoin miners have borne the brunt of the bear trend since it began. 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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":"Bearish Signal: Why Bitcoin Miner Sell-Offs May Continue","url":"http:\/\/wncen.com\/news\/bearish-signal-why-bitcoin-miner-sell-offs-may-continue\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bearish-signal-why-bitcoin-miner-sell-offs-may-continue\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/08\/bitcoin-bear-1.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/08\/bitcoin-bear-1.jpeg?fit=900%2C500"},"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 miners","bitcoin mining","btc","btcusd","btcusdt"],"dateCreated":"2022-08-10T23:00:04Z","datePublished":"2022-08-10T23:00:04Z","dateModified":"2024-06-11T14:22:23Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bearish Signal: Why Bitcoin Miner Sell-Offs May Continue\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bearish-signal-why-bitcoin-miner-sell-offs-may-continue\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bearish-signal-why-bitcoin-miner-sell-offs-may-continue\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/08\\\/bitcoin-bear-1.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/08\\\/bitcoin-bear-1.jpeg?fit=900%2C500\"},\"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 miners\",\"bitcoin mining\",\"btc\",\"btcusd\",\"btcusdt\"],\"dateCreated\":\"2022-08-10T23:00:04Z\",\"datePublished\":\"2022-08-10T23:00:04Z\",\"dateModified\":\"2024-06-11T14:22:23Z\"}<\/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\/08\/bitcoin-bear-1.jpeg?fit=900%2C500","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/498308"}],"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=498308"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/498308\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/498313"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=498308"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=498308"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=498308"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}