Research: Miner selloff slows down amid back-to-back difficulty increases

Research: Miner selloff slows down amid back-to-back difficulty increases

 

Numbers from Glassnode show that the rising Bitcoin (BTC)price has led to a slowdown in miners selling off their BTC as mining difficulty has seen back-to-back increases of 1% since the beginning of August.

Miner liquidations started right after the Luna crash in May. The chart above shows coin transfers from miner wallets to exchanges. Only direct transfers are included, and miners sold over 600 and 400 coins at the peak on two separate days.

However, in recent weeks the numbers demonstrate a decline in the number of coins miners sold to exchanges. The reduction corresponds with Bitcoin’s recent upwards price change, indicating decreasing stress on miners.

 

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