Key Takeaways:
-
Bitcoin miners sell $ 485 million worth of BTC in a 12-day period ending on August 23.
-
Despite the sale of miners, the hashrate of the Bitcoin network and the grounds remains resilient.
Bitcoin (Btc) The $ 112,000 mark was reclaimed on Thursday, recovering from a six-week low hit just two days before. Despite the bounce, merchants remain restless because Bitcoin miners have been offloading coins at a fastest speed in nine months. The question is whether this signal is the start of a deeper problem or if other factors are driving recent flows.
Glassnode -monitored miners traced by the Glassnode show a stable reduction between August 11 and August 23, with a slight sign of updated accumulation since then. The last stretch of the same removal of more than 500 BTC per day returned on December 28, 2024, after repeatedly -Bitcoin failed to hold more than $ 97,000.
On the latest sale, miners load 4,207 BTCs, worth about $ 485 million, during the 12-day end of August 23. It compares to a previous stage of accumulation between April and July, when miners added 6,675 BTCs to their reserves. Miner’s balances are now standing at 63,736 BTCs, worth more than $ 7.1 billion.
While these flows are relatively small compared to Provides from companies Like microstrategy (MSTR) and Metaplanet (MTPLF), they tend to have a marketplace in the market and FUD. If miners are faced with lighter cash flow, the sale of harassment may increase unless the profitability improves.
Over the past nine months, Bitcoin has gained 18%, but the miner’s profitability has dropped by 10%, according to Hashrateindex data. Rising Mining difficulties And the demand for onchain transactions weighs on margins. The Bitcoin network will continue to adjust to support an average block interval of 10 minutes, but the profitability remains concerned.
Bitcoin’s hashprice index currently stands at 54 pH/seconds, down from 59 pH/seconds a month ago. Although, miners are barely with the grounds to complain: the indicator has improved significantly from the levels seen back in March. According to NiceHash data, even Bitmain’s S19 XP rigs from late 2022 remain earning $ 0.09 per kWh.
Bitcoin miners face the AI competition but remain elastic
Some investor failures come from a growing move toward the artificial intelligence infrastructure. This narrative gets traction after the terrawulf (wulf) has injured a $ 3.2 billion deal with Google in exchange for a 14% equity stake. The funds will be used to expand the AI Center campus of Terawulf in New York, which is set to launch operations in the second half of 2026.
Related: Bitcoin to hit $ 1.3m by 2035 as institutions demand -bitwise
Other miners follow a similar pivot. Australian company Iren, formerly known as Iris Energy, accelerated the Getting nvidia gpu And builds a liquid-cooled AI data center in Texas, with a new site in British Columbia that will hold 20,000 GPUs. Meanwhile, Hive, formerly Hive Blockchain, has made $ 30 million to expand GPU -enabled operations in Quebec.
Despite the buzz around AI, the basis of Bitcoin remains stable. The network hashrate is close to an all-time high of 960 million th/second, up to 7% in the last three months. Those counters of strength are afraid about the net flow of miners or the lack of profitability throughout the sector.
There is no evidence that miners are under immediate stress to liquid the positions, and even if the sale is ongoing, flowing in corporate reserves is more than capable of counting.
This article is for general information purposes and is not intended to be and should not be done as legal or investment advice. The views, attitudes, and opinions expressed here are unique and do not necessarily reflect or represent the views and opinions of the cointelegraph.
