Largest Bitcoin Miners Lost Over $1 Billion During Crypto Crash
Comment of the Day

August 17 2022

Commentary by Eoin Treacy

Largest Bitcoin Miners Lost Over $1 Billion During Crypto Crash

This article from Bloomberg may be of interest to subscribers. Here is a section: 

While the shares of crypto-mining companies have enjoyed a respite in recent weeks, they are still deep in the red this year. The miners had to shift from their Bitcoin-hoarding positions and sell coins as they struggled to repay debt and cover operational costs in the recent quarter. That continued into the third quarter.

“Public miners are still dumping their Bitcoin holdings at a higher rate than their production rate,” Jarand Mellerud, an analyst at Arcane Crypto, wrote in a research note. “Public miners sold 6,200 coins in July, making July the second highest BTC selling month in 2022.”

Eoin Treacy's view

The primary argument for supporting bull markets in crypto is limited supply. The really big bullish trends have then coincided with surging demand, fuelled by massive increases in money supply.

Click HERE to subscribe to Fuller Treacy Money Back to top