Bitcoin miners sent $128 million worth of cryptocurrencies to exchanges. The figure is equivalent to 315% of their daily production and became a record for all time, Glassnode analysts drew attention.
#Bitcoin Miners are currently recording extremely high Exchange interaction, sending an ATH of $128M to Exchanges, equivalent to 315% of their daily revenue.
— glassnode (@glassnode) June 27, 2023
Digital gold quotes are holding above $30,500 (CoinGecko). Over the past seven days, the coin has risen in price by more than 14%.
According to some commentators, this could encourage miners to sell their accumulated reserves. However, the sale did not exert significant pressure on the exchange rate – the price remains in the “green” zone at various time intervals.
It means that some entities sell coins they generated in the past.
Not more, not less.
It’s selling pressure (bad) but afterwards price can move up more freely if demand exists (good)
— 0xfuddestroyer (@0xfuddestroya) June 27, 2023
Trader Michael van de Poppe expressed confidence that in order to continue moving “to new highs”, it is important for Bitcoin to stay at the current levels above $30,500.
In the second half of June hashprice recovered from $0.0625 on TH/s to around $0.076. But in terms of cryptocurrency, the indicator continued to decline and at the time of writing was ~0.0025 BTC per TH/s.
In parallel, since May, the market prices for mining equipment have been falling, according to the Hashrate Index. On June 27, the cost of the latest generation devices (with energy efficiency above 25 J/TH) decreased to $19.88 per TH.
The bitcoin hashrate, after hitting its all-time high of 393.9 EH/s (smoothed seven-day moving average) on June 12, has also started to decline.
According to the BTC.com forecast, the mining difficulty as a result of the next recalculation will decrease for the first time since the beginning of May. On June 15, the indicator reached a high of 52.35 T.
Recall that in anticipation of the upcoming halving in 2024, a number of mining companies are increasing their capacities and increasing their efficiency.
So, Iris Energy announced plans to increase the hashrate to 9.1 EH / s by the end of the year. CleanSpark has entered into a definitive agreement to purchase two bitcoin mining operations in Dalton, Georgia for $9.3 million. Riot Platforms will acquire 33,280 of the latest miners from MicroBT for $162.9 million with a total hash rate of 7.6 EH/s.
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