Vladislav Sopov
Two public Bitcoin (BTC) mining companies have been responsible for heavy selling pressure over the past year
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- Bitfarms liquidated 156% of BTC produced
- Two waves of aggressive selling
Amid a painful recession in the cryptocurrency space, all publicly prosecuted miners of Bitcoin (BTC), the largest cryptocurrency, have been forced to sell their reserves in the market. Therefore, some top miners have launched more BTC than they could mine in 2022.
Bitfarms liquidated 156% of BTC produced
According to statistics from The Miner Mag Tracker, two public mining companies, Bitfarms and Core Scientific, have weathered the most devastating asset sale of 2022.
Bitfarms and Core Scientific were the top two sellers of #BTC among public #Bitcoin miners in 2022. $BITF and $CORZ liquidated 156% and 136% of their production respectively over the past year.
Charts👇
https://t.co/93gqODnJiI
— TheMinerMag (@TheMinerMag_) January 3, 2023
Bitfarms Limited (NASDAQ:BTF) sold 156% of its production; thus it sent 56% more Bitcoins (BTC) to the exchanges than it had mined. Meanwhile, Core Scientific (FRA: 7ZD0) sold 136% of its production, according to The Miner Mag.
It should be noted that both Bitcoin (BTC) mining moguls were in cold water in December. As previously reported by U.Today, Core Scientific filed for Chapter 11 bankruptcy protection in Texas on December 21.
Its rival Bitfarms received a warning from Nasdaq as its shares change hands below $1 for 30 consecutive trading days. Management has just 180 days to get things back to normal: BITF is one step away from being delisted.
Both Bitcoin (BTC) mining blue chips went public in 2021.
Two waves of aggressive selling
Miner Mag pointed out two phases where BTC selling pressure was most aggressive. The first (the largest) coincided with the aftermath of the June 2022 collapse of Terra, Voyager, Celsius, and 3AC.
The second shocked markets in December 2022 as both companies grappled with the fallout from the FTX drama and legal troubles. In 2022, Bitcoin (BTC) lost over 65% of its value.
Leading cryptocurrency analytics firm Messari predicts that the industry could be on the eve of another recession should more public Bitcoin (BTC) miners file for bankruptcy.
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