Zhuge Mei reported:
[In-depth Tracking] Bitcoin miners’ survival game: A $200 million sell-off set off the market, what’s the truth?
As the cryptocurrency market enters a turbulent period again, the movements of Bitcoin miners have become the focus of everyone's attention. The latest data from the authoritative monitoring platform CryptoQuant revealed a sell-off storm that shocked the industry - miners jointly released more than $200 million worth of Bitcoin on Sunday, breaking the sell-off record in the past three months. Under this huge shock, what kind of variables are brewing in the Bitcoin ecosystem?
Since the Bitcoin network experienced its fourth halving, miners have faced an unprecedented income crisis, and two months of struggle have finally erupted into a large-scale asset liquidation. On June 9, the number of bitcoins sent by miners to major exchanges surged to 3,000, equivalent to a market value of $207 million, hitting a two-month peak.
What followed was a sharp fluctuation in the price of Bitcoin, which once fell 3% to $66,000, but quickly recovered after a brief correction. Further analysis by CryptoQuant showed that the amount of miners selling through over-the-counter transactions also reached a peak since the end of March. On Monday, as many as 1,200 Bitcoins were sold in a single day, with a total value of approximately $83 million, marking the highest single-day selling activity since the end of March.
Marathon Digital, a giant in the bitcoin mining industry, was particularly eye-catching yesterday, selling 1,000 bitcoins in a single move, seemingly aimed at easing the cost pressure, and hitting the highest over-the-counter trading volume since the end of March. The above data comes from a close monitoring of major bitcoin mining pools, where most core mining companies are trying to maintain financial stability.
The miners' selling behavior may be a response to the gradual rise in Bitcoin prices since April, and mining giants have taken this opportunity to consolidate their profits. However, since the Bitcoin block reward dropped to 3.125 BTC in April, coupled with the low network transaction fees, miners have suffered an unprecedented reduction in income, and the industry is in a difficult period of adaptation.
Although industry analysts generally believe that large mining companies with strong scale effects are able to safely survive the transition, listed companies such as Marathon Digital have already started selling their reserves. Statistics show that the company has sold 1,400 bitcoins so far this month, accounting for 8% of its total reserves before the sale, far exceeding the 390 BTC sold in May.
According to data analysis by CryptoQuant, the income of Bitcoin miners fell to a "freezing point" in May, and only gradually recovered to a "reasonable" remuneration range in June.
