Miners start taking profits

After reaching the level of $23,000 and at the same time the level of strong resistance, the miners seriously thought about whether they should sell the earned cryptocurrency and start taking profits. Experts from the analytical company CryptoQuant noticed in their behavior a tendency to sell their assets.

The organization reports that the end of last year passed under the auspices of the accumulation of bitcoin assets on mining pools. This means that the miners were not going to send their coins to exchanges for further sale.

In January, their strategy changed. When BTC began to attract big money and, accordingly, the asset began to grow, miners began to connect with those investors who fix their profits. Now, as CryptoQuant noted, many miners of the flagship cryptocurrency have transferred their assets to exchanges and are ready to take profits.

The Miner Position Index (MPI) went from -0.85 to +3.25 in three weeks, indicating an increase in miner reserves on cryptocurrency platforms. CryptoQuant suggest that bitcoin miners sell their assets on major exchanges such as Coinbase and Binance, preferring them to over-the-counter platforms.

On January 20, the Bitcoin hashrate reached new heights and set a new record. 3 days ago, this figure exceeded 276,898 EH/s, which miners from all over the world could not achieve before. This became known on the Blockchain.com portal.

Recall that at the moment the cost of Bitcoin is $23,000. The flagship digital asset has added over 10% in value over the past week. The capitalization of BTC exceeds $440,000,000,000, and traders from all over the world have traded for $26,300,000,000 over the past 24 hours.

After a new record was set, the mining power of the main cryptocurrency began to gradually decline and at the moment the hash rate has fallen from 276.898 to 269.076. From this, we can make a logical conclusion about the decrease in the activity of miners and their interest in selling accumulated coins.

Crypto research company Messari says that in 2022, many bitcoin mining companies sold their assets. This is due to the fact that almost the entire last year showed an extremely negative market mood. Such well-known companies as Marathon, Hut 8, Iris Energy, Argo, Riot and Core Scientific were also seen in such things. The six mining organizations listed above have sold over 40,300 BTC in total.