Report: Bitcoin major has stopped eliminating cryptocurrency reserves

Report: Bitcoin major has stopped eliminating cryptocurrency reserves

In August and September 2022, public mining companies sold less bitcoins than mined. This happened for the first time since May, Hashrate Index experts noted.

In June, public miners eliminated a total of 23% of bitcoin reservations, implementing 14,600 BTC. In July, the companies sold 5767.9 BTC with total production of 3478 BTC.

During the third quarter, the market situation continued to put pressure on the financial stability of miners, experts added. However, the pace of implementation of the mined bitcoins slowed down.

In the USA Grayscale will , where public miners conduct the largest amount of operations, the cost of production of 1 BTC compared to last year has increased in some states more than doubled. The reasons have been an increase in hashrate and an increase in electricity tariffs.

Prior to inflation of electricity prices, a conventional hosting contract provided for the tariff $ 0.05-0.06. Now it has increased to $ 0.08-0.09. Many providers switched from the entire inclusive model to the shared distribution of income, experts noted.

At the same time, most hosters approached the break-in point even when placing the latest generation ASIC mainers like Antminer S19j Pro.

“During the quarter, public companies continued to lay mining settings and bitcoins to finance activities and repay loans, sales of problem assets began to grow, and we witnessed the first major bankruptcy in the bear market,” analysts emphasized.

Hashrate Index noticed that in the third quarter the supply of Antminer S19 XP began. After the first quarter, the futures price for these devices from Bitmain rose higher than for comparable installations (with energy efficiency of more than 38 J/TH). According to experts, the situation with the prize will remain for several more weeks.

Recall, according to Glassnode analysts, in the case of Bitcoin prices, below $ 18,300 may be at risk of liquidation belonging to 78 400 BTC miners.

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