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Bitcoin Miners in Historic Sell-Off, Dumping Over 30,000 BTC Worth $2B This Month

Published 06/23/2024, 08:15 PM
Updated 06/23/2024, 08:45 PM
© Reuters. Bitcoin Miners in Historic Sell-Off, Dumping Over 30,000 BTC Worth $2B This Month

  • Bitcoin miners sold over 30,000 BTC in June, the fastest pace in a year.

  • This rapid sell-off has reduced miners’ reserves to their lowest level in more than 14 years.

  • This sell-off is due to lower profits after the Bitcoin halving event.

Bitcoin miners have liquidated over 30,000 BTC, valued at approximately $2 billion, since the start of June, according to a recent report by analytics platform IntoTheBlock. The report’s graphical representation shows that miners’ reserves, which stood at over 1.94 million BTC at the beginning of June, fell below 1.91 million BTC by June 22.

The report highlighted this month’s offloaded amount marks the fastest selling pace in over a year, reducing miners’ total Bitcoin holdings to their lowest level in more than 14 years. The decline in BTC reserves includes holdings from prominent mining pools such as Poolin, Viabtc, Antpool, Binance, Bitfury, and Bixin.

IntoTheBlock attributed this surge in…

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