Bitcoin miners send record $128 million to crypto exchanges

Bitcoin miners sent $128 million in cryptocurrency to exchanges. The figure is equivalent to about 315% of their daily mining and marks an all-time high, analysts at Glassnode noted.

#Bitcoin Miners are currently recording extremely high Exchange interaction, sending an ATH of $128M to Exchanges, equivalent to 315% of their daily revenue.

?https://t.co/O78r5MY34f pic.twitter.com/MR5b9Au7AA

— glassnode (@glassnode) June 27, 2023

Prices for digital gold remain above $30,500 (CoinGecko). Over the past seven days the coin has risen more than 14%.

Some commentators argued that this could prompt miners to sell accumulated reserves. However the sell-off did not exert material pressure on the price — at various time horizons the price remained in the green zone.

It means that some entities sell coins they generated in the past.

Not more not less.

It’s selling pressure (bad) but afterwards price can move up more freely if demand exists (good)

— 0xfuddestroyer (@0xfuddestroya) June 27, 2023

Trader Michaël van de Poppe expressed confidence that for Bitcoin to continue moving toward new highs it is important to stay above the current level — above $30,500.

In the second half of June hashprice recovered from about $0.0625 per TH/s to around $0.076. But when measured in cryptocurrency the indicator continued to decline and stood at roughly 0.0025 BTC per TH/s at the time of writing.

According to BTC.com forecast, mining difficulty after the latest recalculation is expected to decline for the first time since early May. On June 15 the metric reached a maximum of 52.35 T.

In the run-up to the 2024 halving, several mining companies are expanding capacity and boosting efficiency.

Thus, Iris Energy announced plans to increase hash rate to 9.1 EH/s by year-end. CleanSpark signed a definitive agreement to purchase two bitcoin mining facilities in Dalton, Georgia for $9.3 million. Riot Platforms will acquire from MicroBT for $162.9 million 33,280 newest miners with a total hash rate of 7.6 EH/s.