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Bitcoin Miners Are Under Severe Financial Stress, About 78,200 BTC in Reserves Are at Risk of Selling

By Simon LawsonOctober 27, 20221 Min Read
Bitcoin Miners Are Under Severe Financial Stress, About 78,200 BTC in Reserves Are at Risk of Selling
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BTC 0.36%/">Bitcoin miners are currently under severe financial stress, with approximately 78,200 bitcoins sitting in miners’ reserves and at risk of selling.

Miners can only earn $66,500/day per Exahash hashrate due to the increased cost of Bitcoin production due to the recent push of Bitcoin hashrate and difficulty to new all-time highs.

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Since 2019, miners’ balances have increased tenfold, and they currently hold a total of 78,200 bitcoins. At $19,300, those bitcoins are worth a combined $1.509 billion, a significant risk for an increasingly distressed industry.

Of these, the vast majority are held by miners associated with BinancePool, Poolin, Lubian, and F2Pool. Throughout 2022, the Bitcoin balances of these miners have stagnated.

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  • Binance Announces New Stablecoin Amidst Plans to Discontinue BUSD Support
DISCLAIMER: The information provided by WebsCrypto does not represent any investment suggestion. The articles published on this site only represent personal opinions and have nothing to do with the official position of WebsCrypto.
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Simon Lawson
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Simon Lawson has been a professional financial reporter for 6 years. He has in-depth research on the crypto industry and will release major crypto news in a timely manner.

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