{"id":570092,"date":"2024-01-18T11:00:36","date_gmt":"2024-01-18T11:00:36","guid":{"rendered":"https:\/\/wncen.com\/?p=570092"},"modified":"2024-06-11T08:10:56","modified_gmt":"2024-06-11T08:10:56","slug":"bitcoin-sees-massive-sell-off-from-miners-as-price-holds-steady","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-sees-massive-sell-off-from-miners-as-price-holds-steady\/","title":{"rendered":"Bitcoin Sees Massive Sell-Off From Miners, As Price Holds Steady"},"content":{"rendered":"

Amid the excitement encompassing the approval of Bitcoin Spot Exchange-Traded Funds (ETFs), <\/span>BTC miners<\/span><\/a> have been spotted carrying out an aggressive selling spree leaving the community to ponder on the impact of the sell-off.<\/span><\/p>\n

Bitcoin Miners Engage In Selling Spree<\/span><\/h2>\n

Well-known cryptocurrency analyst Ali Martinez <\/span>shared<\/span><\/a> this information with the community on the social media network X (formerly Twitter), noting a “substantial increase in selling activity” from Bitcoin miners lately.<\/span><\/p>\n

Related Reading: Bitcoin Mining Difficulty Hits New Record High With 5% Rise<\/a><\/div>\n

According to data shared by Ali, miners have sold about 10,600 <\/span>Bitcoin<\/span><\/a> in less than 24 hours. This was valued at an estimated $455.8 million as of the time of the report.<\/span><\/p>\n

\"Bitcoin\"
BTC miners in selling mode | Source: Ali_charts on X<\/a><\/figcaption><\/figure>\n

The recent increase in sales by the Bitcoin miners indicates a responsive market. In addition, the sizable amount involved signifies an impactful development in the cryptocurrency landscape.<\/span><\/p>\n

Several reasons could be traced back to the massive selling spree by these miners. One potential reason could be attributed to the decline in the Bitcoin hash rate<\/a>, which generally affects the profitability of miners.<\/span><\/p>\n

BTC miners must make several guesses at a challenging mathematical problem in order to process transactions. A greater hash rate indicates that the miners are carrying out more guesses, suggesting more effort to secure the network.\u00a0<\/span><\/p>\n

The crypto asset’s <\/span>hash rate<\/span> saw a notable decrease of 25% during the last weekend. This raises speculations regarding the security of BTC’s network ahead of the much-awaited “Halving.”<\/span><\/p>\n

It was reported<\/a> that the total real-time rate from all mining pools decreased from 570 exahashes per second (EH\/s) to as low as 425 EH\/s. However, the hash rate is currently sitting at 550 exahashes per second (EH\/s).<\/span><\/p>\n

The reduction occurred due to the restrictions placed<\/a> on businesses’ use of electricity by ERCOT (Electric Reliability Council of Texas) because of unfavorable cold weather.<\/span><\/p>\n

Interest In BTC Mining From Institutions<\/span><\/h2>\n

Top financial companies have been demonstrating interest in Bitcoin mining companies for a while now. Various financial institutions have made significant investments, which have also helped the mining industries.\u00a0<\/span><\/p>\n

Related Reading: Analyst Uncovers BlackRock Long Interest In Bitcoin Mining \u2013 Details<\/a><\/div>\n

Even those who have historically opposed Bitcoin or have been hostile to it have invested millions of dollars in the industry throughout 2023.<\/span><\/p>\n

Since August 2023,<\/span> Blackrock<\/span><\/a> has been a significant stakeholder in four of the five biggest mining companies. The asset manager increased its level of involvement with these firms only during the second half of last year.<\/span><\/p>\n

As of the time of writing, Bitcoin was trading at $42,710, indicating an over 7% decrease in the past seven days. Its market cap is up slightly by 0.02% in the past 24 hours, while its trading volume is down by 17.17%.<\/span><\/p>\n

\"Bitcoin\"
BTC trading at $42,730 on the 1D chart | Source: BTCUSDT on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image from iStock, chart by Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Amid the excitement encompassing the approval of Bitcoin Spot Exchange-Traded Funds (ETFs), BTC miners have been spotted carrying out an aggressive selling spree leaving the community to ponder on the impact of the sell-off. Bitcoin Miners Engage In Selling Spree Well-known cryptocurrency analyst Ali Martinez shared this information with the community on the social media network X (formerly Twitter), noting a “substantial increase in selling activity” from Bitcoin miners lately. Related Reading: Bitcoin Mining Difficulty Hits New Record High With 5% Rise According to data shared by Ali, miners have sold about 10,600 Bitcoin in less than 24 hours. This was valued at an estimated $455.8 million as of the time of the report. The recent increase in sales by the Bitcoin miners indicates a responsive market. In addition, the sizable amount involved signifies an impactful development in the cryptocurrency landscape. Several reasons could be traced back to the massive selling spree by these miners. One potential reason could be attributed to the decline in the Bitcoin hash rate, which generally affects the profitability of miners. BTC miners must make several guesses at a challenging mathematical problem in order to process transactions. A greater hash rate indicates that the miners are carrying out more guesses, suggesting more effort to secure the network.\u00a0 The crypto asset’s hash rate saw a notable decrease of 25% during the last weekend. This raises speculations regarding the security of BTC’s network ahead of the much-awaited “Halving.” It was reported that the total real-time rate from all mining pools decreased from 570 exahashes per second (EH\/s) to as low as 425 EH\/s. However, the hash rate is currently sitting at 550 exahashes per second (EH\/s). The reduction occurred due to the restrictions placed on businesses’ use of electricity by ERCOT (Electric Reliability Council of Texas) because of unfavorable cold weather. Interest In BTC Mining From Institutions Top financial companies have been demonstrating interest in Bitcoin mining companies for a while now. Various financial institutions have made significant investments, which have also helped the mining industries.\u00a0 Related Reading: Analyst Uncovers BlackRock Long Interest In Bitcoin Mining \u2013 Details Even those who have historically opposed Bitcoin or have been hostile to it have invested millions of dollars in the industry throughout 2023. Since August 2023, Blackrock has been a significant stakeholder in four of the five biggest mining companies. The asset manager increased its level of involvement with these firms only during the second half of last year. As of the time of writing, Bitcoin was trading at $42,710, indicating an over 7% decrease in the past seven days. Its market cap is up slightly by 0.02% in the past 24 hours, while its trading volume is down by 17.17%. Featured image from iStock, chart by Tradingview.com<\/p>\n","protected":false},"author":608,"featured_media":561209,"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":[87818,428,8856,6117,639,91154,7720,1119,1144,78790,91212,91211,8379],"class_list":["post-570092","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-ali-martinez","tag-bitcoin","tag-bitcoin-halving","tag-bitcoin-hash-rate","tag-bitcoin-miners","tag-bitcoin-spot-exchange-traded-funds","tag-blackrock","tag-btc","tag-btcusd","tag-btcusdt","tag-electric-reliability-council-of-texas","tag-ercot","tag-etfs"],"acf":[],"yoast_head":"\nBitcoin Sees Massive Sell-Off From Miners, As Price Holds Steady<\/title>\n<meta name=\"description\" content=\"Amid the excitement encompassing the approval of Bitcoin Spot ETFs, 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I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life. My parents are literally the backbone of my story. They\u2019ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won\u2019t trade them for anything else in this world. I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments. When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency. Trust me, I\u2019ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that\u2019s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets. My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies. Sometimes I like to picture myself as an explorer, this is because I like visiting new places, I like learning new things (useful things to be precise), I like meeting new people - people who make an impact in my life no matter how little it is. One of the things I love and enjoy doing the most is football. It will remain my favorite outdoor activity, probably because I'm so good at it. I am also very good at singing, dancing, acting, fashion and others. I cherish my time, work, family, and loved ones. I mean, those are probably the most important things in anyone's life. I don't chase illusions, I chase dreams. I know there is still a lot about myself that I need to figure out as I strive to become successful in life. I\u2019m certain I will get there because I know I am not a quitter, and I will give my all till the very end to see myself at the top. I aspire to be a boss someday, having people work under me just as I\u2019ve worked under great people. This is one of my biggest dreams professionally, and one I do not take lightly. Everyone knows the road ahead is not as easy as it looks, but with God Almighty, my family, and shared passion friends, there is no stopping me.","sameAs":["https:\/\/x.com\/NFTwerey"],"url":"https:\/\/wncen.com\/author\/godspowerowie\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Sees Massive Sell-Off From Miners, As Price Holds Steady","url":"http:\/\/wncen.com\/news\/bitcoin-sees-massive-sell-off-from-miners-as-price-holds-steady\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-sees-massive-sell-off-from-miners-as-price-holds-steady\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/iStock-1252711675.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/iStock-1252711675.jpg?fit=1426%2C736"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Godspower Owie"}],"creator":["Godspower Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["ali martinez","bitcoin","bitcoin halving","bitcoin hash rate","bitcoin miners","bitcoin spot exchange-traded funds","blackrock","btc","btcusd","btcusdt","electric reliability council of texas","ercot","etfs"],"dateCreated":"2024-01-18T11:00:36Z","datePublished":"2024-01-18T11:00:36Z","dateModified":"2024-06-11T08:10:56Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Sees Massive Sell-Off From Miners, As Price Holds Steady\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-sees-massive-sell-off-from-miners-as-price-holds-steady\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-sees-massive-sell-off-from-miners-as-price-holds-steady\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/iStock-1252711675.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/iStock-1252711675.jpg?fit=1426%2C736\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Godspower Owie\"}],\"creator\":[\"Godspower Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"ali martinez\",\"bitcoin\",\"bitcoin halving\",\"bitcoin hash rate\",\"bitcoin miners\",\"bitcoin spot exchange-traded funds\",\"blackrock\",\"btc\",\"btcusd\",\"btcusdt\",\"electric reliability council of texas\",\"ercot\",\"etfs\"],\"dateCreated\":\"2024-01-18T11:00:36Z\",\"datePublished\":\"2024-01-18T11:00:36Z\",\"dateModified\":\"2024-06-11T08:10:56Z\"}<\/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\/2023\/11\/iStock-1252711675.jpg?fit=1426%2C736","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/570092"}],"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\/608"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=570092"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/570092\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/561209"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=570092"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=570092"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=570092"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}