According to the most recent findings published by Arcane, a company that specializes in blockchain analytics, public miners sold close to 400 percent of their Bitcoin (BTC) output in June 2022.

Despite this, from January through April of this year, they only sold between 20 and 40 percent of their output, sticking to their hoard-at-any-cost policy. However, the landscape shifted when the price of bitcoin dropped from $40,000 to $30,000. in May.

In the month of June, miners sold 14,600 bitcoin for almost $300 million, which is over four times the entire amount of BTC that they produced, which was 3,900 BTC.

Based on the findings of the survey, Core Scientific and Bitfarms were identified as the mining companies that had the biggest liquidation share. After selling approximately 10,000 bitcoins, Core Scientific had just 1,959 BTC remaining in their wallet. Bitfarms made 3,353 Bitcoin sales. On the other side, Northern Data successfully liquidated all of its Bitcoin and Ethereum (ETH) assets in the months of May and June.

According to Arcane Research, these enormous revenues will provide the funding necessary to pay for the forthcoming infrastructure improvements and equipment delivery. In 2021, miners have the option of raising capital via either stock or debt in order to cover the costs of mining. Now, access to external funds has significantly decreased as a result of rising interest rates and a decrease in investor interest in Bitcoin. This is a consequence of both of these factors.

As a result of not selling any bitcoin in May and June, Marathon and Hut 8 currently own the most bitcoin. First place on the balance sheet goes to Marathon with 10,055 BTC, followed by Hut 8 with 7,405 BTC. Riot finishes in third place with 6,654 BTC after selling a little more than the usual amount but nothing near as much as Core Scientific and Bitfarms did.

The bar chart illustrates how public miners increased the amount of bitcoin they had over the first several months of 2022. Their combined holdings have finally caught up to the level they were at at the beginning of the year.

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