“Bitcoin mining companies have struggled this year, with the fall in the price of the largest cryptocurrency and rising energy prices (and operating costs) leading to a decline in revenue. As a result of this, mining firms have been heavily selling their underlying holdings, leading to significant net outflows over the last six months,” data provider CryptoCompare said in the October review.
Source: https://www.coindesk.com/markets/2022/11/14/bitcoin-miner-balance-slides-as-ftx-collapse-weighs-over-crypto-prices/?utm_medium=referral&utm_source=rss&utm_campaign=headlines