BTC Miners Offload Holdings With Prices Dropping To $33,000

BTC miners offload holdings as the prices of the asset dropped over the past few months even below $35,000 as we recently witnessed in our Bitcoin news.

The BTC miners offload holdings in the past month after a few months of accumulation as the data shows. The miner net position change shows the change in the supply held by miner addresses. Red bars show that there were periods of sale while green bars indicate periods of accumulation. The metric decreased by 1600 BTC once on Saturday and then 1733 BTC on Sunday according to Glassnode. This amounts to over $147 million at current prices as per the tracking tool CoinGecko.

The weekend’s sale was the first in 2022 after a selling period in November 2021. Over the past 2 months, the miners were accumulating BTC as prices fell from $55,000 to $35,000 according to research from Delphi Digital:

“With the weekend pump, miners are starting to offload their BTC holdings as Miner Net Position Change turned negative for the first time in 2 months.”

The sale over the past 30 days was contributed to a decline in BTC prices as the asset hit $32,000 in the last week of January and it has since recovered touching about $45,570. Bitcoin mining is the process of discovering new blocks that verified transactions and add them to the BTC blockchain. The miner is actually an entity that uses powerful computing resources to validate the network and earn BTC as a reward in return. The upkeep of these systems is quite expensive and the miners often decide to sell holdings to cover their costs.

As recently reported, The New York State Department of Environmental Conservation delayed the decision whether it will allow the BTC Miner Greenidge to continue using its power plant in the town of Dresden for mining bitcoin. The decision is expected to come by March 31, two months later than planned but the delay will help NYSDX complete the review with public comments. The miner applied a year ago to renew its permits for the plant and it is the first time that it came up for renewable since it has been powering BTC mining operations.