Bitfinex experts flag miners’ optimism about Bitcoin

Mining companies mining the first cryptocurrency employ risk-reduction strategies by sending assets to exchanges. This was reported by Bitfinex experts.

By the end of June, miners sent to trading platforms a record amount of bitcoins worth $128 million — 315% of their daily output.

According to the report, Poolin pool accounts for the largest share of the recently sold digital gold. Analysts also noted Bitcoin mining difficulty rising to new all-time highs at the 53.91 T mark, which they called a sign of “reliability and confidence”.

“Miners are clearly optimistic about Bitcoin, as they allocate more resources to its mining. This creates difficulties, but they are hedging their position, hence sending more assets to exchanges,” Bitfinex said.

According to experts, selling bitcoins on such a scale is an “extremely rare” phenomenon, which demonstrates new strategies by mining companies.

The report suggests that Bitcoin movements reflect a transfer of supply from long-term holders to short-term ones. Such behavior is typically observed in a bull market, as new traders seek quick profits, the analysts added.

Earlier in the run-up to the 2024 halving, a number of mining companies are expanding capacity and boosting efficiency. For example, Iris Energy announced plans to increase hash rate to 9.1 EH/s by year-end.

CleanSpark signed a final agreement to acquire two bitcoin mining facilities for $9.3 million. Riot Platforms will acquire from MicroBT for $162.9 million 33,280 new miners with a total hash rate of 7.6 EH/s.

TeraWulf said it plans to buy 18,500 devices for Bitcoin mining for $53.4 million. Meten Holding acquired 200 Bitcoin miners for $880,000.