Crypto Miners Shift $300 Million Of Bitcoin In Single Day

A growing number of Bitcoin (BTC) miners are heading for the exits.

Blockchain analytics firm CryptoQuant is reporting that 14,000 Bitcoin, worth more than $300 million U.S. at current prices, was moved out of digital wallets by cryptocurrency miners in a single 24-hour period on July 15.

Crypto miners have now shifted the largest amount of Bitcoin since January 2021, according to CryptoQuant, which is referring to the move as “miner capitulation.”

CryptoQuant says that the movement of Bitcoin out of digital wallets and other holding mechanisms usually signals that miners are preparing to sell their previously mined coins to cover expenses or reduce losses.

Bitcoin is currently trading around $21,900 U.S., up 3% in the last 24 hours. Still, the wider cryptocurrency market has been in a slump for months, with Bitcoin down nearly 70% from its all-time high of $68,000 U.S. achieved last fall.

Lower Bitcoin prices and higher energy costs are hurting profits at Bitcoin mining operations, which is the reason some are now preparing to sell their holdings.

Core Scientific (CORZ), one of the largest publicly traded cryptocurrency mining companies in the U.S., sold nearly all of its Bitcoin holdings in June of this year.

Core Scientific sold 7,202 Bitcoin at an average price of $23,000 U.S. The company said it invested the proceeds of approximately $167 million U.S. into growth-oriented activities, including new servers and additional data centre capacity.

Core Scientific’s stock is down 84% this year and currently trading at $1.69 U.S. per share.