- Hashrate Index reported that Bitcoin miners sold more coins than they mined in July.
- Miner Core Scientific has been the most active seller, with 1,970 BTC poured into the market in comparison to the 1,200 BTC that has been mined.
- The reduction in the rate of mined BTC for US-based miners is the Texas energy reduction that happened due to heatwaves.
According to a report published by data analytics firm Hashrate Index, Bitcoin miners sold more coins than they mined in July. The total number of Bitcoins that have been sold is 5,340, whereas only 3,478 have been mined. Hashrate figures provided by certain miners in July were way lower than the numbers they reported in June.
According to the report, Core Scientific has been the most active seller, with 1,970 BTC poured into the market in comparison to the 1,200 BTC that has been mined. BitFarms and Argo come in second and third place, respectively, with 1,600 and around 900 bitcoins sold.
For US BTC miners, Hashrate Index reports that the reduction in the pace at which Bitcoin is mined is mostly attributable to power reduction and demand response initiatives that were implemented in response to a string of heat waves.
The analytics firm added:
All of that said, Bitcoin miners have been dipping their hands into the proverbial cookie jar to shore up finances this year. Since the market took a turn for the worse this Spring, many miners have liquidated substantial portions of their BTC treasuries.
Riot Blockchain, one of the top bitcoin miners in the world, said that it only mined 318 bitcoins in July, which is a decrease of 28 percent compared to the same month in 2021.
This was because the company had to shut down part of its operations to meet the high demand for electricity that was occurring in Texas due to the heat wave. As a result of the curtailment, the miner was awarded electricity credits and other incentives totaling $9.5 million.
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