Summary
- Bitcoin mining companies sold about 32,000 Bitcoin in the first quarter, turning into major sellers in the market.
- Marathon Digital Holdings, Riot Platforms, Core Scientific and Bitdeer sharply reduced their Bitcoin holdings.
- Falling Bitcoin prices, weaker profitability and efforts to secure cash for a shift into AI and HPC infrastructure businesses were cited as reasons for the sales.
Forecast Trend Report by Period
Bitcoin mining companies, long among the key participants in the BTC market, are increasingly emerging as major sellers of the cryptocurrency.
According to SolidIntel, Bitcoin miners sold about 32,000 Bitcoin in the first quarter of this year. That was near a record high on a quarterly basis.
Marathon Digital Holdings sold 15,133 Bitcoin in March alone, followed by Riot Platforms with 3,778 and Core Scientific with 1,900, the report said. Bitdeer has sold all of its Bitcoin holdings and is now immediately selling the tokens it mines.
Deteriorating profitability is being cited as the main driver. Bitcoin prices have fallen recently, while the network hash rate has remained elevated, sharply worsening mining economics.
The sales are also seen as a way to raise cash for a business shift. Major mining companies have recently been pursuing moves into artificial intelligence and high-performance computing infrastructure, and are selling Bitcoin to fund the large investments required for that transition.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
