Bitcoin Miners Sell 25,000 BTC at Top Price

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

JAKARTA - The recent skyrocketing price of Bitcoin has prompted Bitcoin miners to offload most of their assets. On November 13, the price of Bitcoin reached a new high (ATH) of USD 93,400 (IDR 1.475 billion).

This achievement became the momentum for miners to sell around 25,000 BTC worth more than USD 2.25 billion (IDR 35.55 trillion), according to data from CryptoQuant.

This massive sell-off was recorded as the highest since May 2024, indicating the great pressure from the supply side when the price peaked. Data shows that the spike in BTC outflows from miner wallets to exchanges, known as Miner Total Outflows, often correlates with local highs or price drops. However, with the current market conditions filled with euphoria and "extreme greed", it is not yet certain whether this trend will continue or there will be a change.

In recent weeks, the Bitcoin mining difficulty has also reached a new record above 100 trillion units, indicating the tight competition between miners to process blocks on the network. Despite the increasingly fierce competition, miners are still able to make a profit. Miners' daily income has increased from 29 million US dollars (IDR 458.2 billion) to more than 40 million US dollars (IDR 632 billion) in the past two weeks.

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

According to data from MacroMicro, as of November 12, the average cost of mining one BTC reached USD 82,400 (IDR 1.301 billion). With the price of BTC around USD 90,000 (IDR 1.422 billion), miners enjoy a positive margin of around USD 8,000 (IDR 126.4 million) per BTC.