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Bitcoin miners transferred a record-high amount of mined cryptocurrency to exchanges
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Bitcoin miners transferred a record-high amount of mined cryptocurrency to exchanges
tldr; Bitcoin miners have been transferring a record-high amount of mined cryptocurrency to exchanges, according to analytics platform Glassnode. In the past week alone, miners sent $128 million worth of cryptocurrency to exchanges. Similar spikes in income transfers by miners occurred during the 2021 bull run and the late 2022 crypto market crash. Despite the increase in bitcoin’s price this year, miners are still facing challenges due to rising hash rates, mining complexity, and electricity prices. Selling mined bitcoins may be necessary to cover costs.
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