Bitcoin Miners Sold More BTC Than They Produced

The downward trend in cryptocurrencies, which started with the Terra LUNA collapse in early May, also caused financial difficulties for large Bitcoin mining companies. While there were significant BTC sales in June and July, most of the companies had to sell more than the number of Bitcoins they produced in July.

While it was seen that the major Bitcoin mining companies of the USA, which announced their quarterly earnings reports in recent weeks, made large BTC sales, another interesting detail emerged. The research of the hashrateindex site shows that most of these companies sold more than the BTC they produced in July.

More Sales in 2022

The excess of sales in June and July was also reflected in the annual statistical figures, and it was seen that 5767 BTC were sold in addition to the 3478 BTC produced by the companies in total. Companies such as Greenidge and DMG BLlockchain were excluded from the research as they did not disclose their latest earnings reports.

Hut8 and Marathon Didn't Sell

In the research, where it was seen that many miners sold Bitcoin many times more than they produced in July, Hut8 and Marathon Digital came to the fore by not making any sales.

While Bitfarms company produced 500 BTC and sold 1623 BTC this month, the size of the difference did not go unnoticed in Hive. The Hive company produced 280 Bitcoins per month and sold 4279 BTC. While Argo Blockchain sold 887 Bitcoins for 219 BTC, Core Scientific produced 1121 BTC and sold 1975 BTC.