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Strategies & Market Trends : Dino's Bar & Grill

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To: Goose94 who wrote (127532)	6/28/2022 8:15:56 AM
From: Goose94	Read Replies (1) of 202924

Bitcoin: miners have been forced to tap into their cryptocurrency stashes as a plunge in prices bites into profitability. The number of coins miners are sending to crypto exchanges has been steadily climbing since June 7, researchers at MacroHive noted, in a sign that "miners have been increasingly liquidating their coins on exchanges." Several bitcoin miners sold more than 100 per cent of their entire output in May as the value of bitcoin tumbled 45 per cent, an analysis by Arcane Research found. "The plummeting profitability of mining forced these miners to increase their selling rate to more than 100 per cent of their output in May. The conditions have worsened in June, meaning they are likely selling even more," Arcane analyst Jaran Mellerud said. Bitcoin miners, who run networks of computers to earn tokens by validating transactions on the blockchain, are typically staunch crypto "HODLers" (hold on for dear lifers) and collectively own around 800,000 bitcoins. Bitfarms, Riot Blockchain and Core Scientific are among companies that announced sales, with Bitfarms saying it is "no longer HODLing daily bitcoin production."

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