In 2022, miners sent 57,000 BTC to crypto exchanges

  • Ultramining.com
  • 14:58 Dec 19, 2022
  • 158
In 2022, miners sent 57,000 BTC to crypto exchanges

The prolonged crisis has forced miners to sell mined coins. They sent 57,000. 

This year is one of the most unfavorable for the mining industry and cryptocurrencies. After the collapse of Luna, BTC fell to its lowest value in a two-year period. The difficult summer showed a significant increase in energy prices. The collapse of FTX also had a noticeable impact. 

Both small and large miners were severely affected. Public companies incurred high losses, in particular, due to the very profitable year 2021, at the end of which the companies took big loans to expand their capacities. According to CryptoSlate, the difficult year was marked by a drop in revenue, which forced miners to sell bitcoin stocks on exchanges. However, the situation was complicated by the fact that the increase in supply further increased volatility. 

However, the 57,000 BTC that went to exchanges does not at all mean that miners sold all the stocks, despite the data on mass surrender. According to CryptoSlate, the number of sellers began to fall towards the end of the year. Except for a brief spike in mid-November. 

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