Report Shows Bitcoin Miners Keep Selling | bitcoinist.com

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Crypto industry events for 2022 have not been kind to Bitcoin miners. They experienced a major decrease in operations which significantly reduced their income. With more frustrating happenings, it seems like the future has become slimmer.

During the crypto winter in May and June, BTC miners experienced losses and were unable to repay loans. A report on the net flow of miners showed that the trend had been unpleasant. The new August data represents the fourth consecutive month with negative flows for miners.

According to CryptoCompare Asset’s latest edition report, April is the only month that miners profited from BTC this year. The report noted that miners were forced to start selling until August to offset operational costs. He reported that net miner outflows reached 21.3k BTC.

August was a bad month for Bitcoin miners

In August, the leading cryptocurrency managed to reach a value of around $24,000. Throughout the month, BTC saw several price twists over the weeks. There were trading prices below and above $20,000.

Additionally, Bitcoin recorded an increase of around 5.28% in hash rate as it reached 212 million TH/s. Therefore, BTC miners had to sell their holdings for sustainability.

Several bitcoin mining companies did not find it easy in August. For example, Stronghold, a mining company that disclosed its deal with New York Digital Investment Group (NYDIG), a lender and broker. The company must return approximately 26,200 mining equipment to NYDIG to cancel its $67.4 million debt.

Miners have evolved and maintained their position from a few small uptrends in Bitcoin over the past few months. As a result, they managed to collect some profits despite the many crises of the year which seemed to take deep root without slowing down.

The miners revealed that they recorded more gains during the 2021 uptrend. But the falling crypto bear market of 2022 is wiping out almost everything they had amassed. They are left with little to no chips to dispose of for their continuation.

Improved BTC network activity

Despite declining miner data, Bitcoin network activity is improving. CryptoCompare reported that BTC trading volume reached $2.39 trillion on the back of a 10.5% increase. Moreover, the number of transactions reached 7.82 million, an increase of 1.80%.

Additionally, there is a 4.47% increase in active addresses to 916,000. The number of new addresses reached 395k, an increase of 2.10%.

Report Shows Bitcoin Miners Keep Selling
Bitcoin Remains Below $20,000 l BTCUSDT on TradingView.com

However, Bitcoin saw a drop in its monthly transaction fees in August to 410 BTC, a drop of 27.0%. Hence, there is a drop in its average transaction fee to 5,190 Satoshis by 28.2%.

Featured image from Pexels, chart from TradingView.com

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