Miner sales increase in December
Miners of the crypto asset (virtual currency) Bitcoin (BTC) sold more than 3,000 Bitcoins (equivalent to 18 billion yen at the time of writing) in 24 hours around the 28th.The recent price rise seems to be leading to profit taking.
Analyst Ali Martinez shared data from cryptocurrency data platform CryptoQuant on X.
In a notable move,
#Bitcoin miners have sold over 3,000 #BTC in just the last 24 hours, amounting to approximately $129 million.This substantial sell-off could influence the price of $BTC.pic.twitter.com/mUl4ebDwpm
— Ali (@ali_charts)
December 28, 2023
Since early December, the amount of Bitcoin held by Bitcoin miners has been continuously decreasing.This time in particular, a large-scale sale was carried out.CryptoQuant opines that this could indicate the presence of potential selling pressure.
Currently, various Bitcoin miners collectively hold approximately 1,831,447 BTC ($77 billion).
connection: “Bitcoin will exceed $50,000 by the end of January 2024” Matrixport predicts, against the backdrop of the year-end sales season and the excitement of virtual currency-related stocks
What is a minor?
In the virtual currency sector, it refers to people and organizations that mine Bitcoin and other currencies.Mainly refers to “miners”.
Virtual currency glossary
Bitcoin fee income increases
With the rise of Bitcoin’s NFT (non-fungible token) project Ordinals, average Bitcoin transaction fees have reached nearly $40 this month, the highest level since April 2021, according to data from BitInfoCharts.
As a result, miners’ profits are also increasing.
Revenue collected via transaction fees by bitcoin miners averaged nearly $2,000,000 per day in 2023.
This is up 400% year over year.
pic.twitter.com/zZjUwy1Gbh
— Jameson Lopp (@lopp)
December 23, 2023
Jameson Ropp, co-founder and CTO of Bitcoin self-custody company Casa, estimates that Bitcoin miner revenue will be around 1.4% in 2023, based on data from Coin Metrics.He pointed out that it exceeded trillion yen ($10 billion).
Bitcoin miners earned over $10 billion in 2023, a significant addition to the $57 billion total over the past 15 years.This number assumes they instantly sell for fiat, which is most certainly not the case – miners are HODLers.
pic.twitter.com/nfH8KI6etH
— Jameson Lopp (@lopp)
https://twitter.com/lopp/status/1738627489931333958?ref_src=twsrc%5Etfw
The total amount by 2022 was approximately 8 trillion yen ($57 billion).Additionally, Ropp opined that miners often use a “HODL” strategy to generate long-term profits and are unlikely to sell all of these profits immediately.There is.
When Bitcoin halving occurs in 2024, it is predicted that there will be industry restructuring in the mining industry, with listed companies merging with small and medium-sized companies.
Major mining companies are expanding their business by placing additional orders for mining machines.
For example, Nasdaq-listed Hut8 is planning to build a new cryptocurrency mining facility in cooperation with Celsius, which is undergoing bankruptcy proceedings with the intention of restructuring the company.
Hut8 said in October that it was continuing with its “HODL strategy” in light of the possibility that the halving would maintain Bitcoin’s scarcity.
connection: Nasdaq-listed virtual currency Bitcoin mining company Hut8 to build new facility with Celsius
In 2022, many miners were forced to sell their Bitcoin due to the ups and downs in the virtual currency market.By 2023, some companies will be emerging from their predicament as business restructuring progresses.It will be interesting to see what kind of policy these miners will take in 2024.
Furthermore, many Bitcoin mining stocks have outperformed several times this year.
– Hut 8｜$17.6 (+1,464%)
– Marathon Digital Holdings | $23.4 (+590.8%)
– Stronghold Digital Mining | $7.3 (+69.7%)
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Bitcoin miner sells 18 billion yen worth of BTC in 24 hours as profit taking accelerates appeared first on Our Bitcoin News..
