Bitcoin miners send record $128M in revenue to exchanges

Cointelegraph
Cointelegraph

28 Jun 2023 4:55 AM

Bitcoin miners have sent a record 315% of their daily revenue to exchanges but the market is yet to respond with any serious price action....

  • Bitcoin miners have been sending record amounts of BTC to centralized crypto exchanges.
  • Glassnode reported an all-time high in Bitcoin miner revenue sent to exchanges, with $128 million sent over the past week.
  • This spike in miner revenue surpasses previous spikes during the 2021 bull run.
  • Miners typically send BTC profits to exchanges to cover expenses and take profits.
  • The current price-to-earnings ratio is seen as attractive for miners to sell.
  • Bitcoin prices remain slightly above $30,000, but the $31,000 price zone is a major resistance level.
  • Mining profitability has increased slightly due to the rise in BTC prices.
  • Despite the increase in Bitcoin's price, miners are facing challenges with profitability decreasing since July last year.

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

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You May Ask

What is the reason behind Bitcoin miners sending record amounts of BTC to centralized crypto exchanges?How much revenue did Bitcoin miners send to exchanges over the past week?Why is the current price-to-earnings ratio considered attractive for miners to sell?What challenges are Bitcoin miners facing despite the increase in Bitcoin's price?What is the current mining profitability and how has it changed over the last week?

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