The mining companies of the first cryptocurrency use strategies to reduce risks by sending assets to exchanges. This was reported by Bitfinex experts.
At the end of June, miners sent a record amount of $128 million worth of bitcoins to trading platforms – 315% of their daily production.
The Poolin pool accounts for the largest amount of digital gold sold in recent times, according to the report. Analysts also noted an increase in the complexity of bitcoin mining to new all-time highs at around 53.91 T, which they called a “reliability and confidence” indicator.
“Miners are clearly optimistic about bitcoin as they dedicate more resources to mining it. This causes difficulties, but they are hedging their position, hence sending more assets to exchanges,” Bitfinex said.
According to experts, the sale of bitcoins on such a scale is an “extremely rare” phenomenon that demonstrates the new strategies of mining companies.
The report suggests that the movements of the first cryptocurrency reflect the transfer of supply from long-term holders to short-term holders. Typically, this behavior is seen in bull market conditions as new traders look for quick profits, the analysts added.
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 buy two Bitcoin mining businesses for $9.3M. Riot Platforms will acquire 33,280 of the latest miners from MicroBT for $162.9M, with a total hash rate of 7.6 EH/s.
TeraWulf announced plans to purchase 18,500 devices for mining the first cryptocurrency for $53.4 million. Meten Holding acquired 200 bitcoin miners for $880,000.
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