Bitcoin Miners Sell 25,000 BTC At Pucuk Price

Bitcoin mining engine produced by Bitmain. (Photo; Doc. Livecoins)

JAKARTA - The skyrocketing price of Bitcoin has recently prompted miners or Bitcoin miners to release most of their assets. On November 13, the price of Bitcoin hit a new high (ATH) of 93,400 US dollars (Rp1,475 billion).

This score is a momentum for miners to sell around 25.000 BTC worth more than 2.25 billion US dollars (Rp 35.55 trillion), according to data from CryptoQuant.

This massive sell-off was recorded as the highest since May 2024, indicating the magnitude of pressure in terms of supply when prices peaked. The data show that the surge in BTC outflow from the miner wallet to the exchange, known as Miner Total Outflows, often correlates with local highs or price drops. However, with market conditions currently met with euphoria and extreme agreement', it is not certain whether this trend will continue or there will be changes.

In recent weeks, the level of Bitcoin mining difficulty has also hit a new record of over 100 trillion units, signaling the tight competition between miners to process block in the network. Despite the fiercer competition, miners are still able to profit. Miners' daily income rose from $29 million to more than $40 million in the past two weeks.

The increase in revenue is likely driven by increased market interest in Bitcoin following Donald Trump's victory in the US presidential election, which is considered to support the Bitcoin and crypto industries in general. This positive view boosts the price of BTC, which has a direct impact on the profitability of miners.

According to data from MacroMicro, on November 12, the average mining cost of one BTC reached 82,400 US dollars (Rp1,301 billion). With the price of BTC at around 90,000 US dollars (Rp1,422 billion), miners enjoy a positive margin of around 8,000 US dollars (Rp126.4 million) per BTC.