BTC Miners Sold Ample BTC to Cover Costs as Volatility Spiked
CryptoNewsTerminal Staff13 Aug, 2024
BTC Miners Sold Ample BTC to Cover Costs as Volatility Spiked
In August, Bitcoin miners unloaded an average of 19,000 BTC daily as the cryptocurrency's price volatility climbed, enabling them to meet operational costs. The selling surge began after the halving event in April, which reduced profitability. Record mining difficulty further exacerbated the situation, compelling miners to sell more coins as BTC dropped below $50,000 on August 5. Consequently, their gross profit margin plunged to a mere 25%, the lowest since January.
