Arcane Research: Miners continue to sell more BTC, what they get – Bits Media

Research Agency Arcane Research, Having studied the mining market for 2022 year, It came to the conclusion, what a crisis almost led him to collapse and it will take time to restore this sector.

Analytical company Arcane Research, Having studied the mining market, I came to the conclusion, that the crisis almost led him to collapse and it will take time to restore this sector.

According to Arcane Research, Bitcoin miners have been sold since May 30% accumulated BTC. Experts note, that the increase in the price of the first cryptocurrency this month reduced the pressure on Bitcoin miners. Earlier in the community there were fears, that the cost of mining will become much higher, than the spoke price of bitcoin. This could lead to that, that many miners would leave the market, Since cryptocurrency mining would become unprofitable.

Analysts noted, that since May 2022 years of miners have come across strong shocks. for instance, The public mining company Core Scientific sold about 12 000 BTC from May to July. Analyst Jaran Mellerud (Jaran Mellerud) warns, that although last month all the signs of a trend turn were observed, It will take time, so that the price of bitcoin grows to this level, when the largest mining operators will again store bitcoin reserves.

"Despite, that in July miners sold less than half of that volume of BTC, which was sold in June, If we look at the percentage of bitcoins sold, We will see, that they continue to sell their assets. for instance, Miners sold 158% Bitcoin in July, which became the third month in a row, When they sold more 100% BTC extracted ", He explained.

CoinShares expert Matthew Kimmell (Matthew Kimmell) In July, he said, that the sale of a mining equipment of the Celsius subsidiary can lead to a drop in miners and increase the negative pressure on the market.