BTC PULSE
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
Play Now
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
BTC PULSE
No Result
View All Result
Play Now
Home Bitcoin

Bitcoin Miners Are Selling Less Coins Even After Difficulty Increase

by Chiwuike Owunwa
Jan 30, 2023 - 12:00 am
in Bitcoin
Bitcoin Miners Are Selling Less Coins Even After Difficulty Increase

On the 30th of January 2023, Bitcoinsensus made a post on Twitter saying that Bitcoin miners are selling off fewer BTC. 

Miners selling pressure has gone down significantly with low transactions to exchanges.
Have we been saved from a miners capitulation as they are selling small amount of #Bitcoin as price goes higher? pic.twitter.com/q5jyF01TB6

— Bitcoinsensus (@Bitcoinsensus) January 30, 2023

According to Bitcoinsensus, an information platform that keeps the crypto community up-to-date on crypto news and technical analysis, the crypto space might be getting out of a BTC miners’ capitulation.

Bitcoin began 2023 on a positive note as the asset climbed above $21k on the 14th of January 2023, for the first time in two months catapulting up to roughly 28%. This has given market players a new cause for optimism considering the crypto winter that hit the crypto space last year.

As the crypto market capsized, and liquidity ceased, miners, found themselves cornered into a difficult position, and those unable to settle their debt were forced to sell off their BTC reserves.

Major BTC dumping took off in May 2022, as Bitcoin miners sent a shock wave throughout the community by selling off more than 100 percent of their mining rewards. Public miners sold $6.5k of their BTC holdings in July, compared to around 14.6k the month before when they were forced to trade their BTC on a major scale in order to maintain operation.

Recapturing 2022 at a glance, Jaran Mellerud a Bitcoin mining analyst at Luxor Mining stated that between January and November, public miners offloaded around 51k BTC, while mining around 47k BTC.

The crypto market is observed to be slowly gaining momentum as the pressure built up from the incessant selling of public BTC by miners has eased up and this has significantly helped Bitcoin mining operations placing a number of BTC miners back in profit.

Since January 1, 2023, the hash price has been over 20% and Bitcoin mining profitability grew from $0.06 TH/d to $0.07874 TH/d. According to the stats at btc.com, BTC is observed to have recoupled in the days leading up to January 2023. Trade sizes climbed from an average of $700 on January 8 to $1,100 on January 16th.

Analysts suspect that a number of factors could be behind Bitcoin’s new year glory, including a heightened probability of lowered interest rates as well as bulk purchases by whales.

With conditions improving and some miners still operating on thin margins, many in the crypto community wonder if miners would continue to accumulate assets or continue the trend of selling.

Tags: Rally
Chiwuike Owunwa

Chiwuike Owunwa

Chiwuike is a frontend programmer and writer with 3 years experience in the Web3. He's meticulous researcher, enthusiastic about Blockchain and the future of crypto, DeFi, and the Metaverse.

Related Posts

A graphic representation of Azteco's Bitcoin gift card, symbolizing the next step in Bitcoin's global adoption.

Azteco Raises $6M in Block Inc.’s Jack Dorsey-Led Fundraiser for Bitcoin Adoption

October 1, 2023

Bitcoin service provider Azteco bags $6M in a fundraiser spearheaded by Jack Dorsey, targeting a revolution in Bitcoin...

A graphic representation of Azteco's Bitcoin gift card, symbolizing the next step in Bitcoin's global adoption.

Casey Rodarmor’s New “Runes” Pitched as a Solution to BRC-20’s Bitcoin “Junk” Issues

September 26, 2023

Rodarmor proposes Runes—a UTXO-based alternative to BRC-20 tokens. Aimed at reducing "junk" on the Bitcoin network, could Runes...

Mining professionals discussing renewable energy and efficiency upgrades at the World Digital Mining Summit.

Bitcoin Miners Embrace Renewable Energy and Efficiency Upgrades at WDMS

September 23, 2023

Bitmain introduces the Antminer S21. Miners emphasize the growing significance of renewable energy sources and technological advancements future.

Lars Seier Christensen discussing the future of crypto markets.

Bitcoin’s Next Bull Run Won’t Mirror the Past, Claims Concordium Founder

September 22, 2023

Lars Seier Christensen believes the next crypto bull market won't have the same flare as previous ones, suggesting...

Press Releases

David Ferrucci next to the Elemental Cognition brand emblem.

BM Watson’s Lead Developer Secures $60M for New AI Venture, Elemental Cognition

August 18, 2023

David Ferrucci, has raised a remarkable $60M for his AI startup. The company brings forward two pioneering chatbot solutions designed...

pulse5

Amsterdam Gets with the Dutch Blockchain Days the Biggest Event of the Benelux in the Field of Blockchain, Crypto Currencies, NFTs and Other Web3 Developments

May 8, 2023

Discover the future of blockchain, crypto, NFTs, and Web3 at Dutch Blockchain Days, the largest event in Benelux.

pulse4

Korea Blockchain Week 2023 Set to Push the Boundaries after Record-Breaking 2022 Event

May 8, 2023

Korea Blockchain Week 2023 returns after a highly successful 2022 event, featuring leading experts and the latest trends in blockchain...

pulse3

Istanbul Will Be Hosting Eurasia’s Largest Blockchain Event Once again on May 8–11, 2023

May 8, 2023

Join Eurasia's largest blockchain event, the Blockchain Economy Istanbul Summit, May 8-11, 2023, and discover the future of financial technology.

View All
BTC-Pulse LogoTransparent

© 2023 BTC-PULSE. Disclaimer: The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

News

  • Altcoins
  • Bitcoin
  • Ethereum
  • NFT
  • Regulation
  • WEB 3.0

Info

  • Learn
  • Price Prediction
  • Events
  • Press Releases
  • Sitemap

Company

  • About Us
  • Terms of Service
  • Privacy Policy
  • Contact Us
  • Advertise

©2023 BTC-PULSE – All right Reserved.

No Result
View All Result
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise