Here's a teaser: "Recent on-chain data unveils a massive sell-off among Bitcoin miners, with a shocking 260% of their daily mining revenue transferred to exchanges. This unusual spike, significantly surpassing previous records, is mainly attributed to one of the largest Bitcoin mining pools - Poolin. But why has Poolin's selling activity seen such a substantial increase? And what does this concentrated selling activity suggest about the Bitcoin market? The answer may surprise you..."
Bitcoin miners sent 260% of their daily revenue to exchanges Bitcoin miners sent 260% of their daily revenue to exchanges
A small drop from the all-time high on June 22, when miners sent an equivalent of 315% of their daily mining revenue to exchanges.
2 min read
Updated: Jun. 30, 2023 at 12:53 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Marathon Digital
Marathon Digital Holdings is a digital asset technology company that mines cryptocurrencies with a focus on the blockchain ecosystem and the generation of digital assets.
Luxor
Luxor is a US-based compute power company focused on Proof-of-Work Bitcoin mining and compute.
Foundry
Foundry is a subsidiary of Digital Currency Group that was created to meet the institutional demand for better capital access, efficiency and transparency in the digital asset mining and staking industry.