Bitcoin Mining Company Nyerok BTC When Other Miners Sell It

One of the Bitcoin mining facilities. (Photo; Doc. Unboxholic)

JAKARTA - Crypto market movement has recently been increasingly complex with significant strategic differences between large and small-scale Bitcoin miners. Recent studies from CryptoQuant show that large mining companies tend to accumulate Bitcoin, a striking contrast to smaller miners making more sales.

Julio Moreno, head of research at CryptoQuant's leading crypto analysis firm, said that major cryptocurrency miners are currently in accumulation mode. This is in stark contrast to the approach of small miners who have continued to sell since the fourth Bitcoin (BTC) block reward reduction event.

This phenomenon is further strengthened by the financial statements of several giant mining companies showing an increase in Bitcoin reserves. Digital Marathon, for example, has announced a full HODL strategy and made an additional purchase of US$100 million (Rp1.6 trillion), a move indicating strong confidence in Bitcoin's long-term prospects.

Meanwhile, according to a Financial Times report, some Bitcoin miners have switched to artificial intelligence technology due to a significant decline in profitability. This shows a major change in the dynamics of the mining sector. A major drop in mining revenue forces miners to look for new sources of income.

At the time of writing, the price of Bitcoin was trading at around US$66,500 (Rp1,064 billion) after testing US$70,000 (Rp1.12 billion). The price of Bitcoin is experiencing renewed selling pressure, mainly due to the movement of BTC ownership by the US government on July 29. This situation shows how regulatory pressures and large player actions can affect the price of Bitcoin.

As expected, the selling pressure on the price of Bitcoin also affects the altcoin market. Many altcoins slumped sharply after the largest cryptocurrency tested the 70,000 dollar level per BTC and then decreased. This phenomenon shows the significant impact of Bitcoin price movements on other crypto assets.