Crypto analysts, traders and anonymous influencer Bitcoin pundits on X (formerly known as Twitter) frequently interpret what Bitcoin miners do with their block rewards as a sentiment gauge for where Bitcoin’s price might go.
According to the theory, Bitcoin (BTC) miners sending rewards to exchanges foreshadows pending sell pressure on the asset’s price and possibly reflects distress among miners.
Several publicly listed Bitcoin miners challenged aspects of this methodology at last week’s Bitmain World Digital Mining Summit (WDMS) in Hong Kong at a panel hosted by Cointelegraph’s head of markets, Ray Salmond.
According to Jeff Taylor, Core Scientific’s executive vice president of data center operations, “Core Scientific might be the poster child for the hodl strategy. We built a 10,000 Bitcoin hoard, and we rode it up to the top, and then it led to some financial struggles that we are trying to emerge from now. So, what we’re doing today, we sell our Bitcoin production each day.”
“I think it goes back to those three things: How and where can you drive costs out, how and where do you drive efficiency up, and what are the new financial innovations that you can bring to your treasury or to your power programs to basically stabilize your overall companies’ profitability.”
Panelists Taylor Monnig of CleanSpark and Will Roberts of Iris Energy agreed with Taylor, mentioning that their respective companies also sell a majority of their mined BTC.
“CleanSpark’s strategy was wildly different, right? So we were very conservative during the bull market, and we got a lot of grief for that,” Monnig said. “We sold Bitcoin all the way at the top at $60K, and we got a lot of grief for that as well. But, I think everybody has
Go to Source to See Full Article
Author: Ray Salmond
Tip BTC Newswire with Cryptocurrency
Donate Bitcoin to BTC Newswire
Donate Bitcoin Cash to BTC Newswire
Donate Ethereum to BTC Newswire
Donate Litecoin to BTC Newswire
Donate Monero to BTC Newswire
Donate ZCash to BTC Newswire
