TokenDices

  • Market Cap: $2,570,537,149,607.15
  • 24h Vol: $164,286,301,997.44
  • BTC Dominance: 51.58%
Miners are selling BTC as revenues decline, according to Bitcoin's on-chain data.

Miners are selling BTC as revenues decline, according to Bitcoin’s on-chain data.

Bitcoin miners have been selling their holdings since the start of June, according to on-chain data from Glassnode and Coin Metrics. The selling pressure could be due to reduced earnings from a cooldown in Ordinals activity, as well as mining difficulty and hash rate reaching an all-time high. The increase in Bitcoin difficulty reduces the earnings of miners, eating into their profitability and possibly increasing their losses, while hot temperatures in the Northern Hemisphere are putting a significant load on some mining farms due to the increased cost of electricity.

Key points:

– Bitcoin miners have been offloading their holdings since the start of June, according to on-chain data from Glassnode and Coin Metrics.

– The selling pressure could be due to reduced earnings from a cooldown in Ordinals activity, as well as mining difficulty and hash rate reaching an all-time high.

– The increase in Bitcoin difficulty reduces the earnings of miners, eating into their profitability and possibly increasing their losses, while hot temperatures in the Northern Hemisphere are putting a significant load on some mining farms due to the increased cost of electricity.