Bitcoin miners are selling their shares and BTC as their returns have halved.
Posted: Fri 18 Feb 2022, 04:39
Bitcoin miners are selling off coins from their holdings and stakes in their companies. They are starting to need cash and financial support as BTC has fallen in price since November and revenues have fallen even further due to increased competition.
Bitcoin (BTC) is currently worth around $43,500, about 33% below its all-time high (ATH) of around $69,000 reached in November, so miners are being forced to sell at the wrong time. However, electricity and equipment bills must be paid.
Data from network analytics firm Glassnode shows that bitcoin miners have become net sellers after being net hodlers for months.
Some large mining enterprises have chosen to increase their capitalization or pay their bills by selling shares rather than cryptocurrencies. On February 11, a representative of the mining company Marathon Digital Holdings Inc. (MARA) told Bloomberg:
“We started hodling in October 2020 and haven’t sold a single satoshi since.”
Instead, Marathon filed with the Securities and Exchange Commission (SEC) to sell shares and securities worth $750 million. Seeking Alpha says that Marathon intends to use a "substantial portion" for equipment purchases and general purposes.
MARA is currently down 0.56% and is valued at $28.24 after business hours.
Bitcoin (BTC) is currently worth around $43,500, about 33% below its all-time high (ATH) of around $69,000 reached in November, so miners are being forced to sell at the wrong time. However, electricity and equipment bills must be paid.
Data from network analytics firm Glassnode shows that bitcoin miners have become net sellers after being net hodlers for months.
Some large mining enterprises have chosen to increase their capitalization or pay their bills by selling shares rather than cryptocurrencies. On February 11, a representative of the mining company Marathon Digital Holdings Inc. (MARA) told Bloomberg:
“We started hodling in October 2020 and haven’t sold a single satoshi since.”
Instead, Marathon filed with the Securities and Exchange Commission (SEC) to sell shares and securities worth $750 million. Seeking Alpha says that Marathon intends to use a "substantial portion" for equipment purchases and general purposes.
MARA is currently down 0.56% and is valued at $28.24 after business hours.