The cryptocurrency market entered a sell-off phase in the first week of June, seeing a market-wide route with the majority of cryptocurrencies falling to a 4-year low.
The decorating market conditions have also affected Bitcoin (BTC) mining profitability adversely, forcing miners to liquidate their BTC holdings.
New data from Arcane research shows that public Bitcoin mining firms sold 100% of their BTC production in May compared to the usual 20-40% earlier.
In the first four months of 2022, public BTC mining firms sold 30% of their mined production, which increased 3X folds in May and is expected to rise even further in June.
While public BTC miners only make up to 20% of the total network hashrate, their behavior often reflects the sentiments of private miners as well.