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- 1 Liquidation-to-production ratio among public miners dropped to 70 percent during the summer.
- 2 Some analysts predict BTC may reach $60K by the end of 2023.
Last month brought joy to several crypto miners as they pocketed $164 Million in profits. Data from the crypto data portal, The Miner Mag shows leading Bitcoin (BTC) miners sold 5,492 BTC following the price surge in the asset. Recently, the flagship currency has been on a rising spree since mid-October, adding nearly 40 percent to its price.
Marathon Digital Again Tops a List
The liquidation/production ratio shot up by 104 percent. However, the report highlights aggregator BTC liquidation-to-production ratio among public miners has dropped to 70 percent during the summer. The list of companies selling their holdings includes Marathon Digital Holdings, Hut 8 Mining, CleanSpark Inc., and more.
This excludes companies like Riot Platforms, HIVE Digital Technologies, Northern Data, and more as they have not yet updated details regarding their Bitcoin liquidations. Riot Platforms is currently the biggest crypto miner operating in the United States.
Marathon Digital tops the list with 1.2K BTC sold followed by Core Scientific and CleanSpark with 910 and 633 BTC respectively. The latest study by crypto data aggregator CoinGecko shows that Marathon has the most Bitcoin in its holdings. The companies in the list hold over 38K Bitcoin collectively.
Some analysts predict BTC may reach $60K by the end of 2023. However, it has to stick around $31K. Many hold positive sentiments for Bitcoin but market conditions may play out differently. Events such as the collapse of Terra Luna ecosystem and FTX waned investor interest in the market last year.
Bitcoin ETFs may instigate a price surge in BTC. However, that may shift the balance of power to the investing big boys like BlackRock, Fidelity, WisdomTree, and more. Approval from the US lawmakers would provide the investors facing regulatory barriers regarding crypto investment exposure to the crypto asset.
Sentiments towards the crypto market are essential as they determine profitability potential for the future. A possible increase can lead crypto mining companies to enhance their operations to add more BTC to their portfolios. However, it also adds their name to the environmental debate.
Environment-friendly countries are less likely to allow crypto mining operations given the amount of energy the activity consumes. Some states in the US including Arkansas and Kentucky have seen backlash from communities over pollution concerns. Meanwhile, activists in Texas alluded to the potential exploitation of Navarro County resources attributing to the development of a Bitcoin mine.
The US accounts for a majority of the crypto mining hash rate. Although the development of a situation similar to China in 2021, where the nation banned all crypto-related activities, is unlikely, regulators are still skeptical about allowing a larger room for the industry in the nation.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
