Bitcoin Miners' Balance Slides as FTX Collapse Weighs on Crypto
Bitcoin (BTC) miners or entities generating the cryptocurrency seem to be running down their coin stash amid the FTX-induced market panic. The miner net position change, or the 30-day change of BTC supply held in miner addresses, slipped to -10,972 BTC on Thursday, the lowest since early January.
Bitcoin miners solve complex algorithmic problems to mine blocks and verify transactions in return for rewards paid in BTC. In other words, the miner profitability is heavily dependent on the cryptocurrency's price. Therefore, miners tend to run down their inventory in a bleeding market to stay afloat. Sam Bankman Fried's FTX exchange dented investor confidence and triggered contagion fears.
Source
t.me/Mining_Crypto_Miner
