Bitcoin Miners Sell $400 Million in BTC Over Three Days in September 2024

In early September 2024, Bitcoin miners sold 7,230 BTC on exchanges, valued at approximately $400 million. This massive sale occurred amidst a general decline in mining profitability and a drop in Bitcoin’s price below $60,000. The influx of such a large amount of Bitcoin onto the market added downward pressure on the asset’s price.

These sales may signal miner capitulation — a term used to describe a situation where miners are forced to sell their assets to cover costs, despite falling prices. Combined with the growing network hashrate, this creates significant challenges for many industry players.