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Bitcoin (
$80,386.00 ) (BTC) miners are sending record amounts of BTC to centralized crypto exchanges.
In a June 27 tweet, on-chain analytics platform Glassnode reported an all-time high in Bitcoin ( $80,386.00 ) miner revenue sent to exchanges.
Percent of miner revenue sent to exchanges. Source: Glassnode.
It noted that there was currently an “extremely high exchange interaction,” from Bitcoin ( $80,386.00 ) miners which had sent a record $128 million to exchanges over the past week. This is equivalent to 315% of their daily revenue, the analytics platform noted.
There have been several spikes in miner revenue sent to exchanges during the 2021 bull run as they took profits. There was also a capitulation inflow in late 2022 as markets hit their cycle bottom.
However, this latest spike has dwarfed them all by a considerable margin.
Usually, when miners send BTC profits to exchanges they do so in preparation to cash out to cover their expenses and take profits.
This past week would be a good time to do so since BTC hit its highest price of the year so far, touching $31,185 on June 24.
At the time, CryptoQuant co-founder and CEO, Ki Young Ju, echoed the sentiment stating that the current price-to-earnings ratio was at an “attractive price for miners to sell.”
Bitcoin ( $80,386.00 ) prices are yet to be affected however, as the asset remains slightly above the $30,000 threshold at the time of publication.
Nevertheless, the current $31,000 price zone is a major resistance level for BTC, with markets failing to break it in mid-April and again in late June. If bulls can’t break new ground future losses are expected, especially if miners start liquidating.
Bitcoin ( $80,386.00 ) mining profitability, or hash price, has increased slightly over the last week due to the rise in BTC prices. It is currently $0.076 TH/s (terahashes per second) per day, according to HashrateIndex.
Related: Riot Platforms to add 33,000 Bitcoin ( $80,386.00 ) miners ahead of 2024 halving
Despite the price of Bitcoin ( $80,386.00 ) increasing more than 88% year-to-date, miners are still facing some tough challenges. Profitability has slumped more than 30% since July last year and is down over 80% since the peak of the 2021 bull market.
When combined with almost record hash rates of 377 EH/s and peak difficulty levels, Bitcoin ( $80,386.00 ) miners are still facing an uphill battle.
Increasing hash rates and difficulty, combined with higher energy prices, have put downward pressure on mining profitability. This means that selling their hard-earned Bitcoin ( $80,386.00 ) may prove an unpleasant necessity to cover expenses.
Magazine: Bitcoin ( $80,386.00 ) is on a collision course with ‘Net Zero’ promises
