Bitcoin Miners Sell Tokens Amid Price Rise
Bitcoin miners, who have traditionally held onto the cryptocurrency after creating the digital assets, have been selling the tokens during the current rise in prices. The percentage of miner revenue sent to exchanges hit all-time highs in the past few weeks, according to digital asset manager Grayscale’s June monthly newsletter, citing data from crypto analytics firm Glassnode.
Bitcoin Price Bounces Back
Bitcoin’s price bounced back up at the start of July, negating the price crash caused on the last day of June when the US SEC rejected all spot Bitcoin ETF proposals. The current bull run was started by BlackRock, the world’s largest money-managing financial institution, which filed for a Bitcoin spot ETF around two and a half weeks ago, on June 23rd.
Texas Heat Wave Affects Crypto-Mining
Last summer, a flurry of public crypto-mining companies sold large amounts of their coin reserves amid a Texas heat wave that forced a drop in production and a number of crypto industry meltdowns. The Lone Star State, which has become a crypto-mining hub thanks to its cheap energy and business-friendly regulations, has seen power costs surge.
Illustration: Cryptocurrency Vectors by Vecteezy
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