Miners Are Selling More of Their Bitcoin. That May Actually Be Bullish
The conventional wisdom could be challenged because miners mainly operate on cash, meaning they need to liquidate their holdings almost daily to fund the cost of mining.
Hut 8 says its new funding is going towards increasing the bitcoin miner's total capacity by a fifth.
Bitcoin volatility drops to historic lows as the cryptocurrency stays just above $9,000.
Bitcoin mining revenue dropped 23% in June to approximately $380 million.
Ebang, one of the major manufacturers of bitcoin mining equipment, hopes an exchange could double total revenue by 2022.
Miner outflows of bitcoin have dropped to decade lows, with analysts saying a hoarding mentality and a drop in issuance after the halving are responsible.
Hong Kong-listed SMIC plans to raise $2.8 billion via an initial public offering on the Shanghai Stock Exchange, in hopes of advancing its chip making practices. The company is working with Canaan Creative to build a new crypto miner.