The strategy of the miners of ‘hodl at any price‘ seems not to have worked during the second quarter of 2022 for some public entities dedicated to bitcoin mining.
According to the latest report on on-chain data from Bitfinex, 240,000 BTC were sold between May and June 2022 alone.in full season of ‘bears’, where the best known entities dedicated to bitcoin mining such as Core Scientific and Bitfarms, were the ones that contributed the most to the massive sales of BTC at prices of ‘reduction’ to avoid liquidations.
The report also indicates that July was the second month of the year 2022 with the most BTC sales by public institutions dedicated to bitcoin mining, with 6,200 BTC.
The reason behind this decrease in the sale of BTC during July 2022 is directly related to the recovery in the price of the asset during that same period of up to 26%.
Nevertheless, The report indicates that despite having been a relief for the miners, it should not yet fall into bullish conjectures given the uncertain market conditions.
To end, Bitfinex Alpha Report highlighted that the second quarter of the year saw a significant increase in the Bitcoin hash rate compared to March 2022.. However, they highlight that we may have reached the maximum cap for this year and that growth beyond the current number of 220 EH/s will be quite difficult to achieve due to the challenges related to the supply chain.
The report also highlights that the number of active addresses is returning to normal, with some 928,000 active addresses in a seven-day average, up from 834,000 in mid-June.
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