Miners Sell 88,000 Bitcoin – Trustnodes

Transfers to exchanges from bitcoin miners spiked to all time high on Tuesday according to the blockchain analytics startup Coinmetrics.

“A net 88K BTC was sent to exchanges from miners,” Kyle Waters of Coinmetrics said. “A new all-time high.”

That’s worth $2 billion as miners joined the capitulation which led to bitcoin’s price falling to $20,000.

The only other time miner transfers reached these levels was in 2016 when bitcoin’s price was far lower.

“Miner selling was a key catalyst I was looking for to signal the bottom,” said Nic Carter, Coinmetrics’ co-founder. “Granted it’s not over but it’s important that a lot of it apparently happened already.”

This measures 1-hop miners which receive block rewards from mining pools with a number of publicly traded miners selling recently.

Core Scientific for example sold 2,700 bitcoin last month while Riot Blockchain sold 250 bitcoin.

Some of the miners may well go under, with cost of production estimates ranging from $30,000 at an average to $16,000 at the lower end.

At the current price of $20,000, many of them may already be under, kept afloat by savings.

As the scale of sell off is the biggest we’ve ever seen in actual BTC amounts, that may well be their capitulation, but just what happens to prices now remains to be seen.