Bitcoin
Bitcoin miners profit from BTC rally as cryptocurrency transfers hit two-month high
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$209 million in BTC transfers from miners to exchanges coincided with a move from $70,000 to $66,000.
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Marathon Digital has sold 1,400 bitcoins worth $98 million since the beginning of June.
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OTC volume also reached a two-month high.
Transfers from {{BTC}} bitcoin mining pools to exchanges hit a two-month high this week as BTC hovered around its local high of $70,000, according to a report from CryptoQuant.
Over-the-counter (OTC) sales have also increased as miners seek to profit from their assets following the bitcoin halving, which caused a drop in daily mining revenue. Miners sold at least 1,200 BTC on June 10, the highest daily total in two months.
Mining company’s daily revenue (CryptoQuant)
The day before, miners sent more than 3,000 BTC ($209 million) to exchanges, with the majority coming from the btc.com mining pool to Binance. The surge in transfers coincided with a temporary correction in bitcoin, which fell from $70,000 to $66,000 before recovering days later.
Selling activity among US bitcoin miners has also increased with Marathon Digital (MARA) selling 1,400 BTC ($98 million) since the start of the month.
Mining companies’ daily revenue is $35 million, down 55% from the peak of $78 million in March, the report added. The reduction in revenue can be attributed to the reduction in transaction fees after the halving.