Publicly traded Bitcoin miners sold nearly everything they mined in 2022 but appeared to have resumed reserves accumulation.
Publicly traded Bitcoin BTC miners sold almost all the Bitcoin they mined in 2022, sparking debate about whether the sales created a “persistent headwind” for the Bitcoin price.
In a December 26 tweet, analyst Tom Dunleavy of blockchain research firm Messari revealed that approximately 40,200 of the 40,700 BTC mined by Core Scientific, Riot, Bitfarms, Cleans Park, Marathon, Argo, and Bit Digital from January 1 to November 30 were sold.
However, some industry observers, such as BitMEX’s former CEO, Arthur Hayes, believe that the increased sales of Bitcoin miners create negligible selling pressure.
According to Bitcoin Visuals, the daily trading volume for Bitcoin on December 26 was $12.2 billion. According to CryptoQuant, the outflow from miners on the same day was 919 BTC ($15.35M), representing only 0.13% of the total volume traded.
Miners’ reserves increased by nearly 1% in December, indicating a slight recovery. The data backs up the assertion made by cryptocurrency analyst IT Tech in a post from December 27 that things for miners appear to be stabilizing.
Miners have faced many challenges this year, including high electricity costs, declining cryptocurrency market prices, and increased mining difficulty, hurting their bottom lines.
Miners like Core Scientific had to sell some of their reserves at a loss to pay for their ongoing operations and expansion plans due to the rising cost of production for miners and the falling price of Bitcoin.
Japan And Stablecoins
The Financial Services Agency of Japan will lift the ban on using international stablecoins in Japan. It means that the organization in charge of stablecoins in Japan will change into distributors. It delegated authority over foreign stablecoins to local distributors rather than the issuer. “local distributors” refers to national cryptocurrency exchanges. International stablecoin transfers will limit to $7,500 per transaction.
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