Numbers from blockchain analytics firm CryptoQuant showed that miners sold 14,000 Bitcoin (BTC) worth roughly $300 million on July 15, the largest amount sold since January. A sell-off trend among miners started in early June, and the amount sold has been growing.
According to numbers, all mining equipment produced before 2019 is not profitable as long as Bitcoin remains around $20,000. In addition, the Russia-Ukraine conflict has also increased energy prices, which is not helpful to the miners.Miners are mostly forced to sell because the bearish Bitcoin prices don’t compensate for the energy spent mining. A recent study showed that public mining companies sold 30% of their Bitcoin reserves in the first four months of 2022 to survive the bear market. #togrp7