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Over the past four years, major miners have liquidated more than 61,000 bitcoins, amounting to $4.5 billion, according to analysts from the on-chain platform CryptoQuant.
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Since 2022, miners’ reserves have decreased from 1.862 million to 1.801 million bitcoins, with net sales totaling approximately 61,000 coins. The highest sales volumes were attributed to American firms Riot Platforms, Marathon Digital, and Core Scientific.
Since the beginning of this year, Riot Platforms has sold 4,026 bitcoins, Marathon Digital has sold 13,210 bitcoins, and Core Scientific has liquidated 1,992 bitcoins. In total, over the four-year period, Riot Platforms has sold more than 10,000 bitcoins, Marathon Digital has exceeded 28,000, and Core Scientific has approximately 15,000.
Some companies have allocated the proceeds to debt repayment, while others have invested in infrastructure expansion, including projects related to artificial intelligence. Amid declining mining profitability, many significant market players have begun diversifying their businesses towards the needs of artificial intelligence, as noted by CryptoQuant.
Experts estimate that bitcoin is currently testing the level around $76,800. Historically, this zone acts as a resistance level, as investors who break even tend to secure profits. This range previously limited growth in January, and a similar trend may occur again. If resistance persists, the nearest support remains around $67,600, according to CryptoQuant specialists.
Earlier, Alex Thorn, head of research at Galaxy Digital, stated that bitcoin mining is becoming increasingly centralized, with computing power concentrated in the hands of a few large players, making mining inaccessible to most interested parties.
