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#3 | Bitcoin miners sold more than 10,000 BTC in a single day

According to the network analytics provider CryptoQuant, on January 17, miners sold 10,233 bitcoins (approximately $450 million), marking a record decline in their reserves in over a year.

This indicates that miners have transitioned from an accumulation phase to a selling phase, which typically occurs during cryptocurrency price increases. According to Bitfinex's 2023 report, miners began actively accumulating bitcoins in mid-2023 when prices and profitability were low. At the time of publication, the Bitcoin price was $42,748, according to the Cryptovizor cryptocurrency screener.

The sale of coins by miners allows them to realize profits and cover expenses related to equipment, electricity, and personnel. However, this can also put pressure on the market by increasing the supply of Bitcoin. If demand cannot absorb this additional supply, the price may decline.

Currently, Bitcoin miner reserves amount to 1.83 million coins, estimated at around $78 billion. This is still a significant reserve that could have a substantial impact on the cryptocurrency's price in the future. Over the last 12 months, BTC miner reserves have decreased by 22,800 BTC, representing approximately 1% of their total quantity.

Meanwhile, due to cold weather in Texas, the Bitcoin network lost a third of its computational power, with the hashrate dropping by 33%. Texas has become one of the leading global Bitcoin mining hubs after China banned this activity on its territory in 2021. On January 14, the main regional energy operator ERCOT urged the population and businesses to reduce electricity consumption due to "low temperatures, record demand, and seasonally weak winds."

By the end of 2023, the Bitcoin network demonstrated record highs in hashrate and mining difficulty.