Bitcoin miners send record $128M in revenue to exchanges

FXstreet
FXstreet

28 Jun 2023 9:28 AM

Bitcoin (BTC $30,282) miners are sending record amounts of BTC to centralized crypto exchanges. In a June 27 tweet, on-chain analytics platform Glassn...

  • Bitcoin miners have been sending record amounts of BTC to centralized crypto exchanges.
  • Glassnode reported that Bitcoin miners sent a record $128 million to exchanges over the past week, equivalent to 315% of their daily revenue.
  • Miners typically send BTC profits to exchanges to cover expenses and take profits.
  • The current price-to-earnings ratio is attractive for miners to sell, according to CryptoQuant co-founder and CEO Ki Young Ju.
  • Bitcoin prices remain slightly above $30,000, but the $31,000 price zone is a major resistance level.
  • Bitcoin mining profitability has increased slightly due to the rise in BTC prices, but miners still face challenges such as slumping profitability and high hash rates and difficulty.

The sentiment of the article is mostly neutral, with a focus on the actions and challenges faced by Bitcoin miners.

Go to publisher site

You May Ask

What is the current record amount of BTC sent by Bitcoin miners to centralized crypto exchanges?Why do miners typically send BTC profits to exchanges?What is the current price-to-earnings ratio for miners to sell BTC?What challenges are Bitcoin miners currently facing in terms of profitability and mining difficulty?What is the significance of the $31,000 price zone for Bitcoin?

Suggested Reads