Bitcoin Struggles to Rebound as Miner Capitulation Continues - Aliens: AI Crypto News & Markets Updates
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Bitcoin Struggles to Rebound as Miner Capitulation Continues

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Crypto Briefing

Thu, Jun 23, 2022

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Multiple reports indicate that Bitcoin miners are selling off more coins to cover the cost of their operations.

According to a recent report from Coin Metrics, miners have sold at least $500 million worth of Bitcoin so far in June.

Multiple reports indicate that Bitcoin miners are selling off more coins to cover the cost of their operations.

The increased selling is weighing on any potential Bitcoin recovery, leading to more selling as miner profitability continues to sink below the cost of production.

The plummeting profitability of mining forced these miners to increase their selling rate to more than 100% of their output in May,” the report read, indicating that operational costs exceeded miners’ profits, forcing them to dip into their Bitcoin savings to make up the difference.

The crypto analytics firm estimates that miners have sold at least $500 million worth of Bitcoin so far in June, shrinking their stockpiles by almost a third.

This could force miners to sell more Bitcoin to cover their costs, suppressing its price, preventing a recovery, and trapping them in a vicious selling cycle.

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