Public Bitcoin Miners Dumping Their Holdings Amid Crypto Winter’s Chill

Publicly traded Bitcoin miners, like Marathon Digital, Riot Blockchain, Core Scientific, Bitfarms, and Hut 8, have sold more Bitcoin (BTC) than they produced last month, according to a new report from Arcane Research. “Many were shocked by the public miners’ massive bitcoin sales in May, but in June, they sold about 14,600 bitcoin, almost four time as much as in May. The public miners only produced 3,900 Bitcoin this month, meaning they sold almost 400% of their production. Ultimately draining their bitcoin holdings by nearly 25%,” Jason Mallory, an Arcane Research Bitcoin mining analyst, wrote in a report. The report further highlighted that Core Scientific and Bitfarms sold the most amount of BTC among all the publicly traded Bitcoin (BTC) mining companies, and Marathon and Hut 8 have the largest holdings of bitcoin after not selling in May and June. Arcane Research: in June, public miners sold about 14,600 bitcoin and only produced 3,900 bitcoin this month. Core Scientific and Bitfarms sold the most bitcoin. Marathon and Hut 8 now hold the most bitcoin after not selling in May and June.https://t.co/X3qVpokfdI pic.twitter.com/hstMyWu1ke — Wu Blockchain (@WuBlockchain) July 16, 2022 Public Miners Hold The Most Amount Of Bitcoin As far as public companies go, miners have accumulated a lot of Bitcoin. In fact, seven of the ten largest Bitcoin treasuries belong to miners, according to data from Bitcoin Treasuries. For instance, ...