Cryptocurrencies

Bitcoin Miners Are Selling Tokens as Prices Linger Near Lows

Flow from miners to exchanges seen as indicative of more sales
New miners that counted on higher prices may face liquidations

WATCH: Bitcoin miners are selling tokens to cover the rising cost amid a slowdown in the industry’s growth prospects. Joanna Ossinger reports.Source: Bloomberg

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By David Pan

June 5, 2022 at 5:00 PM UTC

This article is for subscribers only.

Bitcoin miners are beginning to sell tokens they’ve hoarded to cover burgeoning costs with the prospects for industry growth slowing and the price of the largest cryptocurrency showing few signs of rebounding following the recent collapse from record highs.

Miners transferred about 195,663 coins to exchanges in May, the biggest monthly increase since January, according to data from Coin Metrics compiled by Compass Mining. Based on Bitcoin’s average price of around $32,000 in May, the total value of the tokens was about $6.3 billion.