Home Business Public bitcoin miners had to sell almost everything in bear market

Public bitcoin miners had to sell almost everything in bear market

Bitcoin verbruikt 25% minder energie, maar is 23% veiliger geworden

There are a lot of companies in the crypto industry that have been hit hard by the bear market, but there are few that are struggling as much as miners. Many have already gone bankrupt, but apparently have much more bitcoin miners are very tight financially.

Sell ​​Bitcoin miners holdings

Messari researcher Tom Dunleavy explains this on Twitter. Public bitcoin miners always tell in quarterly reports how much BTC they have mined, what they keep in wallets and how much they have sold. Most crypto miners pay their electricity costs with their mined tokens, and this is exactly what is happening. According to calculations by Dunleavy, many miners have even sold almost 100% of their holdings this year.

At the moment there are ten public bitcoin miners: Core Scientific, Riot, Bitfarms, Cleanspark, Marathon, Hut8, Hive, Iris Energy, Argo and Bit Digital. Unfortunately, the largest miner, Core Scientific, almost bankrupt. The same fate looms for Iris Energy. Argo was rescued from the abyss earlier today.

In 2022, these ten companies mined about 40,700 BTC, and they sold 40,300 BTC – almost all they got. He calls it a strong trend, which is why Dunleavy is more positive about ethereum (ETH) than about bitcoin (BTC).

Not every bitcoin miner sells

There are a few exceptions though. For example, Marathon Digital still has a huge amount of BTC on its balance sheet, more than twice what it has mined. In fact, it’s about as much as what the formerly much larger miner Core Scientific has mined in all of 2022.

The same is true for Hut8. In fact, Marathon and Hut8 have not sold any BTC at all this year. In addition to Core Scientific, Bitfarms, Iris Energy and Cleanspark also seem to be in trouble. They sold as much as what came in. The fact that these companies have a total of more than $ 4 billion in debt does not help. The United States is also struggling with severe winter weather, as a result of which many miners had to temporarily reduce their activities.

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