Bitcoin Miners Ramp Up Sales, Surpassing Monthly Output in October

Bitcoin Miners Ramp Up Sales, Surpassing Monthly Output in October



During October's market upturn, prominent Bitcoin miners offloaded 5,492 BTC, which surpassed the amount they produced that month.



Last month, a significant increase in the sale of freshly mined Bitcoin by public miners was recorded. Reports indicate that 13 major mining companies sold more Bitcoin than they generated in October, despite the cryptocurrency's 26% gain for the month.



Data from TheMinerMag reveal that the sell-to-production ratio for key players, such as Marathon Digital Holdings and Core Scientific Inc., breached the 100% mark. This suggests they not only sold all of their Bitcoin mined in October but also dipped into their existing reserves. Companies like Hut 8 and Bit Digital went even further, liquidating over 300% of their mined Bitcoin in the same month. This leap to a 105% sell-to-production ratio marks a


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#Bitcoin, #Blockchain, #Cryptocurrency, #Cryptomarket, #Cryptonewstoday, #Miner, #News

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