Bitcoin (BTC) miners may be sending more BTC to exchanges this month — but overall, their sales have crashed since 2020.
Data from on-chain analytics platform CryptoQuant confirms that daily miner transfers to exchanges have decreased by two thirds or more.
Miners cool BTC exchange sales after FTX spike
After BTC/USD lost 25% in days last week, existing concerns over miner solvency have heightened.
Given their cost basis and rising hash rate, commentators warned that many mining participants may not be able to make ends meet — block subsidies and fees would not be enough to cancel out expenses, chiefly electricity.
Network fundamentals, however, tell a curious story — hash rate continues to circle all-time highs and not fall significantly, indicating that at least certain miners are maintaining network hashing