Miners' Massive BTC Sell-Off Adds to Bitcoin Downside Pressure
Bitcoin miners have sold nearly $1.8 billion worth of the cryptocurrency this year due to increasing mining costs and a shift in business focus.
According to CoinDesk, citing Blockware Intelligence data, Bitcoin mining companies have sold about 28,000 tokens so far this year at current prices, which is worth approximately $1.78 billion.
The average cost of mining one Bitcoin has risen to $74,300, leaving many operators facing weaker profitability and forcing some to turn to artificial intelligence (AI) as an alternative business model.
Blockware Solutions stated that miners' sales have been a major source of downside pressure on the market this year, with selling by publicly traded mining companies not receiving enough attention despite its impact on Bitcoin's weak price performance.