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BTC Bitcoin miners sell 28,000 BTC worth approximately US$2 billion under pressure from rising costs
Bitcoin miners have sold approximately 28,000 BTC worth approximately US$2 billion, as rising operating costs compress profit margins, forcing miners to use their Bitcoin reserves to pay for expenses. The scale of the sell-off was remarkable because listed miners have historically tended to keep newly mined bitcoins on their balance sheets rather than sell them. According to public disclosure, clearance of this scale marks a significant shift in its treasury strategy.
Rising costs force miners to reduce their holdings of Bitcoin
The sell-off comes as mining companies face a more severe economic environment. The profitability of miners depends on the difference between the value of the bitcoins they obtain and the cost of running the machine. When this difference narrows, hoarding bitcoins becomes the most convenient source of liquidity.
Rising costs were the clear reason behind the sell-off. Electricity is still the largest single operating expenditure of most miners, and fluctuations in electricity prices directly determine whether the mining fleet can be profitable. This relationship is reflected in the change between the cost of electricity per bitcoin and the market price. When the gap narrows, miners can sell their stored bitcoins to pay wages, electricity bills and debt without shutting down the mining machine. This pressure is uneven across the industry, with some operators still buying; bitcoin miner MARA has increased its holdings of 1,000 BTC while reducing its holdings by its peers. For mining companies with weak balance sheets, the pressure is reflected in performance. Mining machinery maker Canaan reported a first-quarter loss of $88.7 million, highlighting how thin profits have become in parts of the mining industry.
Impact of miners 'sell-off on recent Bitcoin
The sell-off by large miners is seen as a supply-side signal as they put previously idle bitcoins into the market. Miners are not the only group to increase selling pressure; according to market data, a group has brought approximately $1.78 billion in selling pressure to the Bitcoin market. The size of the clearance may also affect trader sentiment, as miners 'behavior is often seen as an indicator of how insiders view current prices. Producer sell-offs are not unique to miners, and even large corporate holders have reduced their holdings, such as Strategy, which sold 1,690 bitcoins to buy back shares. Whether this move means greater pressure on the entire industry is unclear from available data. The sell-off reflects real cost pressures, but it is best seen as a supply signal rather than a final judgment on the health of each mine.
