✔️ Information reviewed and updated in November 2023 by Reliable Forex Brokers
Publicly traded bitcoin miners have sold the bulk of the coins they have mined during 2022, sparking debate over whether these sales have contributed to bitcoin's price decline.
According to Tom Dunleavy, an analyst at blockchain research firm Messari, about 40% of the bitcoin mined by Core Scientific, Riot, Bitfarms, Cleans Park, Marathon, Hut8, HIVE, Iris Energy, Argo, and Bit Digital from January through November 2022 have been sold.
The reserves of mining companies have decreased in particular during November, due to the crisis in the cryptocurrency industry, after the bankruptcy of FTX. Dunleavy believes that this constant selling of bitcoin by miners is pushing the coin's price down, while other industry commentators such as former BitMEX CEO Arthur Hayes consider this selling pressure negligible.
Miner reserves have risen slightly in December and the miner situation appears to be stabilizing, according to cryptocurrency analyst IT Tech.