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<img width="1200" height="692" src="https://coingape.com/wp-content/uploads/2020/01/Bitcoin-BTC-Mining.png" class="attachment-full size-full wp-post-image" alt="Bitcoin Mining Difficulty Jumps Record High As Adoption Rises" decoding="async" style="float:right; margin:0 0 10px 10px;" srcset="https://coingape.com/wp-content/uploads/2020/01/Bitcoin-BTC-Mining.png 1200w, https://coingape.com/wp-content/uploads/2020/01/Bitcoin-BTC-Mining-300x173.png 300w, https://coingape.com/wp-content/uploads/2020/01/Bitcoin-BTC-Mining-768x443.png 768w, https://coingape.com/wp-content/uploads/2020/01/Bitcoin-BTC-Mining-1024x591.png 1024w" sizes="(max-width: 1200px) 100vw, 1200px">
As Bitcoin’s value <a href="https://coingape.com/category/news/bitcoin-news/">surges</a> to an 18-month high of $37,000, marking a stellar year-to-date climb of over 100%, top Bitcoin miners have made a striking move. Significantly, they sold 5,492 Bitcoin, cashing out around $164 million. This figure overshadows the amount they produced, clearly showing their sales strategy during the crypto rally. 
<h2 id="miner-s-strategic-sales-spike">Miner’s Strategic Sales Spike</h2> 
Miners like Marathon Digital Holdings and Core Scientific Inc., caught in the excitement of Bitcoin’s significant rally, opted for a strategic <a href="https://coingape.com/major-setback-bitcoin-miners-intel-ends-chip-support/">liquidation</a>. The MinerMag’s data reveals a liquidation-to-production ratio of 105% for October. Hence, miners did not just sell the month’s yield but also dipped into reserves. This approach marked a notable uptick from the previous quarter’s more conservative ratios of 64%, 77%, and 77%. 
Additionally, amid last year’s market crash and rising power costs, the ratio spiked to 390% in June, showcasing the volatile nature of crypto-economics. This October’s figures suggest miners are seizing the moment, cashing in on the rallying prices. 
<h2 id="strong-prepping-for-bitcoin-s-halving-strong">Prepping for Bitcoin’s Halving</h2> 
Moreover, this sales trend concerns more than capitalizing on a price surge. Miners are bracing for the upcoming halving event, a significant update to the Bitcoin code. Bitcoin’s halving is a quadrennial recalibration designed to maintain the token’s scarcity, capping the supply at 21 million.&nbsp; 
Furthermore, Bob Burnett, CEO of Barefoot Mining, predicts a 52.2% reduction in miner rewards post-halving. However, he remains <a href="https://coingape.com/btc-price-to-hit-50k-as-bitcoin-cme-open-interest-surpass-100k/">optimistic</a>, suggesting that increasing transaction fees could buoy the industry, with daily Bitcoin production potentially surpassing 900 BTC by 2027. Consequently, selling now is also a tactical move for miners to strengthen their financial buffer against the expected dip in mining income. 
Read Also: <a href="https://coingape.com/bitcoin-miners-sell-20000-btc-in-week/">Bitcoin Miners Sell Over 20,000 BTC In a Week, Is A Further Dip Coming?</a> 
The post <a rel="nofollow" href="https://coingape.com/bitcoin-miners-outsell-production-amid-18-month-high-price-surge/">Bitcoin Miners Outsell Production Amid 18-Month High Price Surge</a> appeared first on <a rel="nofollow" href="https://coingape.com">CoinGape</a>.

Bitcoin Miners Outsell Production Amid 18-Month High Price Surge

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