"Miners also want to make a profit, won't they be busy mining BTC and get tired."
The price of cryptocurrency king Bitcoin (BTC) plummeted to $40,725 as miners sold 10,233 BTC worth $450 million on January 17, 2024 marking the biggest daily drop in miners' reserves in over a year.
This is because miners usually go through a phase of accumulation and subsequent sales they start to accumulate a large amount of BTC around mid-2023 when the price is at a lower level.
After the price of BTC rose again at $42,000 to $43,000 as it has been in recent months, miners moved into a selling phase where they sold the digital asset to increase cash flow.
There's no denying that BTC miners' reserves are at their lowest level since July 2021 at 1.83 million BTC, but it's worth noting that it's still a sizable reserve worth about $78 billion.
Reported on January 14, 2024, Bitcoin mining firms Riot, TeraWulf and CleanSpark are best positioned to handle significant cost increases following the expected BTC halving event in April or May.
While the average hash rate has dropped to the lowest level since October 2023 at 400 exahashes per second.
It is widely known that several large mining facilities in Texas have recently shut down some of their operations to get power for the state amid extreme cold weather.
As of this writing, BTC price has plunged by 2.97% to $41,241 in the last 24 hours with a market cap of $808 billion then recorded a 10.65% decline over the last week.
