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Northern Data, the biggest cryptocurrency miner in Europe, announced in a report on Thursday that it plans to sell all of its daily mining rewards to focus on making money in the down market.
Their principal focus up until that point will be making money every day by selling all the coins they create. According to firm president Aroosh Thillainathan, great opportunities are foreseen in this environment, and we are ready to grasp them when they align with our business plan.
To boost its liquidity, the corporation further asserts that between May and June, it liquidated its holdings of Bitcoin and Ethereum above their current prices. Reports state that over the same period, the company sold 48,616 ETH at an average price of $1,745 and 1,591 BTC for an average price of $30,403 per coin.
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Thillainathan claims that the current global economic and political upheavals are not leaving crypto markets unscathed. With a current Bitcoin mining computer power of 3.5 EH/s, Northern Data states that it mined 239 BTC in June, 19% less than it did in May. On the other side, it utilized almost 223,000 GPUs to mine 4,331 ETH.
It is important to note that the recent market collapse has particularly hurt crypto miners. Despite rising energy prices, mining profitability has plummeted by over 75%, as reported by sources. As a result, most miners were obliged to sell their properties to remain in operation.
According to Glassnode’s statistics, the outflow of Bitcoin from miners to exchanges reached a seven-month high of around 9,476 BTC at the end of June. Additionally, more recent data reveals that miners have been selling an average of 3000–4000 BTC, with predictions that this amount may soon reach 8000 BTC.
It is important to note that this increases the market selling pressure and may cause further suffering for cryptocurrency investors. While the exact bottom of the Bitcoin price is still unknown, miners’ selling has typically defined the last stages of a cryptocurrency bear market.
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