Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Miners Contributing To BTC Crash? New Report Sheds Light

Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Miners Contributing To BTC Crash? New Report Sheds Light

by Reynaldo Marquez

13 mins ago

in Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin

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Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin remains in the red with a 10% loss over the past week. The number one• Музыка » Музыка США » Музыканты США » Музыкальные Коллективы США » Рок-группы США » Manowar » Альбомы Manowar » Number One
crypto by market cap has been consolidating at its current levels after a
massive crash too it to a multi-year low of $17,500.

Related Reading | Are Small Cap Crypto Assets Rebounding A Sign Risk Appetite
Returning?

At the time of writing, BTC’s price trades at $20,400 with sideways movement
in the last 24 hours.

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BTC moving sideways on the 4-hour chart. Source: BTCUSD Tradingview

As many outlets have been reporting, Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin miners have been reducing their
BTC holdings. This has contributed to the selling pressure and to BTC’s price
plunging to its current levels from the $30,000 area.

A recent report by analytics firm Coin Metrics looked into BTC miners’
addresses, and funds flow to pin down Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin’s crash real impact on the
sector. As the firm claims, the process of tracking down BTC miners’ addresses
can be difficult, despite the transparency of the blockchain• Информационные технологии » Информационно-коммуникационные технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн

• Высокие технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн.

In order to get a clear picture of current miners BTC holdings, Coin
Metrics labeled the addresses which have come in contact with mining pools.
These miners combined their resources and split the rewards for including a
block in the blockchain• Информационные технологии » Информационно-коммуникационные технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн

• Высокие технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн.

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Miners pool their resources because they have a bigger chance of receiving the
rewards. These pools interact with BTC addresses which Coin Metrics called 0
Hop miners and then the split rewards go to 1 Hop address or miners.

As seen below, the firm was able to discover that there are 2.9 million 1-hop
miners, but this is the total number of addresses for every entity that has
ever mined 1 BTC. The number has been on a decline since January 2021 when the
sector became more industrialized. Source: Coin Metrics

In that sense, active Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin miner addresses interacting with the mining
pools total 34,000 in 2022. A much smaller number when compared to its
all-time high, and with 2021 when these addresses stood at 92,000.

Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Miners Reduce Holdings, But Remain Bullish

The total number of 1-hop BTC addresses have been dumping their Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin since
July 2020. This metric inversely correlates with the price of BTC. While the
cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта rose, the BTC supply held by these addresses trended to the
downside.

These entities have sold at least 500,000 BTC from that period until June 2022
impacted by price volatility. As seen below, active miners have been reducing
their supply as well but only sold around 25,000 BTC. Source: Coin Metrics

Coin Metrics analyst Parker Merritt added the following to the recent
findings:

While most miners prefer HODLing, last week s market turbulence threw
many miners for a loop. With the wick down below $18K, several companies
became forced sellers, liquidating their BTC treasuries to minimize the
impacts of a margin call• Экономика » Финансы » Финансовый рынок » Рынок ценных бумаг » Маржинальная торговля » Маржин-колл.

Related Reading | Controlling The Chaos: Alameda Ventures Bails Out Voyager
With $200M & 15K BTC

There is an uptick on the chart above, which could translate into a new period
of BTC accumulation from miners. Overall, less leverage in the crypto market• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта
could contribute to healthier price action.

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