Bitcoin Miner Sells 18,251 BTC When Its Price Rises To 20,000 US Dollars

JAKARTA – Blockchain data analytics firm IntoTheblock recently revealed that bitcoin (BTC) miners have massively sold off the world's first cryptocurrency.

As of June 14, 2022, Bitcoin miners have sold 18,251 BTC. This amount is worth US$ 372 million or equivalent to Rp. 5.5 trillion. The massive sell-off was carried out when the price of Bitcoin rose to the level of 20,000 US dollars per BTC after its fall at the level of 19,900 US dollars.

They reportedly sell quickly to pay off their loans and other purposes that require fast funding. This is the second major negative adjustment since the start of 2022 and the fifth adjustment of mining difficulty for Bitcoin this year overall.

Mining difficulty tends to decrease when the crypto market experiences a downturn. Miners are forced to turn off their equipment because they can no longer make a profit.

On the other hand, analytics firm Santiment reports that in 2022, many large Bitcoin wallets have sprung up. In the last two weeks, a number of address wallets that hold 10 to 10,000 BTC have surfaced at a time when their prices have dropped significantly.

Santiment also revealed that Bitcoin owners above 10,000 BTC have increased since last February. Crypto market conditions have decreased forcing miners to sell their holdings.

As of writing, the Bitcoin price is trading at 20,895 US dollars (310 million equivalent) per BTC. Bitcoin price has increased by 1.6% in the last 24 hours, according to Coingecko data.