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Capitulation: Public Bitcoin Miners Dump 25% of BTC Holdings Last Month

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The data shows that public bitcoin miners dumped about 14.6k BTC during June, which is about 25% of their total.

Public bitcoin miners capitulate as mining revenues remain fairly low

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According to the latest weekly report from Secret researchBTC miners sold almost 400% of their mining in the last month.

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Miners pay their electricity bills, expansions, and other running costs using dollars. Thus, the USD value of their bitcoin reward is a more appropriate metric for them.

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Since the price of the cryptocurrency has been in a state of decline over the past few months, it has been a tough time for miners lately.

Despite this, the large public mining companies still held their treasury bills from January to April, selling only 20% to 40% of what they mined during that period and hoarding the rest.

However, this could not continue in May, when the value of Bitcoin dropped heavily from $40K to $30K. The miners had to start liquidating their holdings to cover their expenses, and in total they sold more BTC than they had produced in a month.

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The chart below shows the number of public bitcoin miners sold in each month of the year.

Public Bitcoin Mining Holdings

Looks like these companies have heavily sold their treasuries during the past month | Source: Arcane Research's The Weekly Update - Week 28, 2022

As you can see in the chart above, June’s bitcoin dumps by public miners far outpaced May’s sales.

In June, these mining companies mined a total of 3.9k BTC, but sold more than 14.6k BTC at the same time. This means they dropped just under 400% of their total production for the month.

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As a result of this sale, the holdings of BTC of government miners decreased by approximately 25%. The report notes that some miners have even sold almost all of their treasuries, while others have not liquidated that much.

Core Scientific was the biggest seller in May and June, selling around 10k BTC. Bitfarms followed Core Scientific in second place, dumping over 3.3K BTC in June.

Bitcoin Price

At the time of writing, the price of Bitcoin is hovering around $23.8K, up 24% from the last seven days. Over the past month, the cryptocurrency has grown in price by 17%.

The chart below shows the price dynamics of the coin over the past five days.

bitcoin price chart

The value of the crypto has surged up over the last couple of days | Source: BTCUSD on TradingView
Featured image from Michael Förtsch on, charts from, Arcane Research

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