Bitcoin miners sell their holdings amid crypto winter's chill
— High energy prices, Drop, Listed, Makes — 1 min read
Bitcoin miners have been forced to tap into their cryptocurrency stashes as a plunge in prices, rising energy costs and increased competition bite into profitability. Several publicly listed miners collectively sold more than 100% of their entire output in May as the value of bitcoin tumbled 45%, an analysis by Arcane Research found. Bitcoin miners are typically staunch crypto "HODLers" and collectively own around 800,000 bitcoins, according to CoinMetrics data. High energy prices are also hitting miners, which by some estimates use more electricity than the Philippines. Some miners, including Bitfarms, are using proceeds to negotiate financing agreements to fund operations and make payments on expensive mining equipment. Bitcoin mining is a zero-sum game. If you can continue running when others cannot Source