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The Bitcoin miners sold $ 485 million in BTC for a period of 12 days that ended on August 23.
Despite the sale of the miners, Bitcoin’s Network hashrate and the foundations remain resistant.
Bitcoin (BTC) recovered the $ 112,000 mark on Thursday, recovering from a minimum of six weeks only two days before. Despite the rebound, merchants remain restless since Bitcoin miners have been downloading coins to faster in nine months. The question is whether this indicates the beginning of deeper problems or if other factors are promoting recent exits.
The mining wallets tracked by Glassnode show constant reductions between August 11 and August 23, with few sign of accumulation renewed since then. The last stretch of consistent retreats exceeding 500 BTC per day returned on December 28, 2024, after Bitcoin did not remain repeatedly above $ 97,000.
In the last sale of sales, the miners discharged 4,207 BTC, with a value of approximately $ 485 million, during the 12 -day period that ended on August 23. That compares with a prior accumulation phase between April and July, when the miners added 6,675 BTC to their reserves. Miners are now at 63,736 BTC, valued at more than $ 7.1 billion.
While these flows are relatively small compared to the assignments of companies such as Microstrategy (MSTR) and Metaplanet (MTPLF), tend to boost market speculation and FUD. If miners face a stricter cash flow, sales pressures could increase unless profitability improves.
In the last nine months, Bitcoin has gained 18%, but the profitability of the miner has decreased by 10%, according to hashrateindex data. The growing mining difficulty and the weakest demand for transactions in the chain have weighed on the margins. The Bitcoin network continues modified to support an average block interval of 10 minutes, but profitability remains a concern.
The Hashprice Bitcoin index is currently 54 pH/second, below 59 pH/second one month ago. Even so, miners barely have reason to complain: the indicator has dramatically improved the levels seen in March. According to Nicehash data, even Bitmain S19 XP platforms from the end of 2022 are still profitable at $ 0.09 per kWh.
Bitcoin miners face AI competition but are still resistant
Some disappointments of investors come from a growing change towards artificial intelligence infrastructure. This narrative won a traction after Terawulf (Wulf) reached an agreement of $ 3.2 billion with Google in exchange for a capital participation of 14%. The funds will be used to expand the campus of the AI of Terawulf’s data in New York, scheduled to launch operations in the second half of 2026.
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Other miners are following a similar pivot. The Australian firm Iran, previously known as Iris Energy, has accelerated the acquisition of the NVIDIA GPUs and is building a data center for liquids in Texas, along with a new site in British Columbia that will have up to 20,000 GPU. Meanwhile, Hive, previously Hive Blockchain, has committed $ 30 million to expand operations with GPU in Quebec.
Despite the buzz around the AI, Bitcoin’s foundations remain solid. Network hashrate is reaching a historical maximum of 960 million TH/second, 7% more in the last three months. That force counteracts fears on the net exits of the miners or the lack of profitability profits throughout the sector.
There is no evidence that miners are under immediate stress to liquidate positions, and even if the sale continues, tickets in corporate reserves are more than capable of counteracting the effect.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The points of view, the thoughts and opinions expressed here are alone of the author and do not necessarily reflect or represent the opinions and opinions of Cointelegraph.
