{"id":65637,"date":"2022-08-10T18:16:51","date_gmt":"2022-08-10T15:16:51","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=65637"},"modified":"2025-09-06T21:05:21","modified_gmt":"2025-09-06T18:05:21","slug":"in-july-public-miners-continued-to-liquidate-bitcoin-reserves","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/in-july-public-miners-continued-to-liquidate-bitcoin-reserves\/","title":{"rendered":"In July, public miners continued to liquidate bitcoin reserves"},"content":{"rendered":"<p>In July, public mining companies sold 5,767.9 BTC with a total mined of 3,478 BTC, according to Hashrate Index experts.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">CORRECTION:<\/p>\n<p>An earlier version of this article reported that Hive did not sell BTC last month. The article has been updated to correct this error.<\/p>\n<p>Accounting for this, public miners sold 5,767.9 BTC last month\ud83d\udc47<a href=\"https:\/\/t.co\/0gHwu2f0Ad\">https:\/\/t.co\/0gHwu2f0Ad<\/a> <a href=\"https:\/\/t.co\/rK6qboQ1na\">https:\/\/t.co\/rK6qboQ1na<\/a><\/p>\n<p>\u2014 Hashrate Index (@hashrateindex) <a href=\"https:\/\/twitter.com\/hashrateindex\/status\/1557058339787472901?ref_src=twsrc%5Etfw\">August 9, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The selling volume was roughly 66% higher than the mined amount.<\/p>\n<p>Only <a href=\"https:\/\/u1f987.com\/en\/news\/hut-8s-mining-reserves-top-7736-btc\">Hut 8<\/a> and Marathon Digital did not sell cryptocurrency. Earlier they <a href=\"https:\/\/u1f987.com\/en\/news\/marathon-digital-reaffirms-commitment-to-bitcoin-accumulation-strategy\">confirmed<\/a> their commitment to the strategy of expanding bitcoin reserves.<\/p>\n<p>Of the rest, only Riot sold less than mined, and thus the company also increased its cryptocurrency on the balance sheet.<\/p>\n<p>Many miners, since spring, liquidated a significant portion of their bitcoin holdings. In June, their collective holdings <a href=\"https:\/\/u1f987.com\/en\/news\/public-miners-liquidated-a-quarter-of-their-bitcoin-reserves-in-june\">decreased by 14,600 BTC<\/a> or about 23%.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh6.googleusercontent.com\/rJHKv7ocK1WjGp6S2zh5eSufJImj8PRXaJR_DJgcvY8F6Qricnr4FLvv6jbqZLzfM8cEmWLoLH4cz1H9qL5h9P30ceSEaByMgM5EYOQgqg0ETcrdg9x9GeYl6Sk2TRemoIqOAfGTLZQSOoKz_I-M5Us\" alt=\"\u0412 \u0438\u044e\u043b\u0435 \u043f\u0443\u0431\u043b\u0438\u0447\u043d\u044b\u0435 \u043c\u0430\u0439\u043d\u0435\u0440\u044b \u043f\u0440\u043e\u0434\u043e\u043b\u0436\u0438\u043b\u0438 \u043b\u0438\u043a\u0432\u0438\u0434\u0430\u0446\u0438\u044e \u0431\u0438\u0442\u043a\u043e\u0438\u043d-\u0440\u0435\u0437\u0435\u0440\u0432\u043e\u0432\"\/><figcaption>Data: Hashrate Index.<\/figcaption><\/figure>\n<p>Researchers noted that in July, production of bitcoin among many U.S. miners fell for various reasons. Some were shutting down facilities as they began receiving next-generation miners, while others moved operations between data centres.<\/p>\n<p>In Texas, mining companies <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-miners-pause-operations-in-texas\">suspended operations<\/a> due to peak electricity demand driven by the intense heat. Meanwhile, Riot Blockchain, based in the state, earned more revenue from contracts with the grid operator ERCOT for returning electricity to the grid than from mining.<\/p>\n<p>For the unused 11,717 MWh in July, ERCOT paid the firm $9.5 million, while the mined 318 BTC were worth $6.9 million.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh4.googleusercontent.com\/rh63-7UN4VDAhhYLkTabkbkLsFsFb-DdJtK6OvIKd0V87BTLoTPSxhhzUOaJ-1Ebj-vzUTZytWSjh7BULq_HTyTIxpQkql8wnwmslf0hUGHxFSjL2Sa1lMHBYtZFMXQqm2bISnkbTSboqooTxsuARxQ\" alt=\"\u0412 \u0438\u044e\u043b\u0435 \u043f\u0443\u0431\u043b\u0438\u0447\u043d\u044b\u0435 \u043c\u0430\u0439\u043d\u0435\u0440\u044b \u043f\u0440\u043e\u0434\u043e\u043b\u0436\u0438\u043b\u0438 \u043b\u0438\u043a\u0432\u0438\u0434\u0430\u0446\u0438\u044e \u0431\u0438\u0442\u043a\u043e\u0438\u043d-\u0440\u0435\u0437\u0435\u0440\u0432\u043e\u0432\" \/><figcaption>Data: Hashrate Index.<\/figcaption><\/figure>\n<p>Core Scientific and Argo Blockchain also paused mining operations in Texas, but researchers have no data on whether they have agreements with ERCOT to be compensated for disconnecting from the grid.<\/p>\n<p>Against this backdrop, Argo increased Bitcoin production by 22% in July. Overall, for most companies, <a href=\"https:\/\/forklog.news\/chto-takoe-heshrejt-i-slozhnost-majingana-kriptovalyut\/\">\u0445\u0435\u0448\u0440\u0435\u0439\u0442 <\/a>rose for the month, albeit modestly, the experts noted.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"733\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/22223-1-1024x733.png\" alt=\"\u0412 \u0438\u044e\u043b\u0435 \u043f\u0443\u0431\u043b\u0438\u0447\u043d\u044b\u0435 \u043c\u0430\u0439\u043d\u0435\u0440\u044b \u043f\u0440\u043e\u0434\u043e\u043b\u0436\u0438\u043b\u0438 \u043b\u0438\u043a\u0432\u0438\u0434\u0430\u0446\u0438\u044e \u0431\u0438\u0442\u043a\u043e\u0438\u043d-\u0440\u0435\u0437\u0435\u0440\u0432\u043e\u0432\" class=\"wp-image-181556\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/22223-1-1024x733.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/22223-1-300x215.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/22223-1-768x550.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/22223-1-1536x1100.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/22223-1.png 1624w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Data: Hashrate Index.<\/figcaption><\/figure>\n<p>In July, miners&#8217; total revenue amounted to $609.7 million. The metric <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-miners-revenue-fell-9-in-july\">fell by 9%<\/a> compared with the previous month, easing the decline which in June <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-miners-revenue-falls-26-in-june\">had reached 26%<\/a>.<\/p>\n<p>Read ForkLog&#8217;s bitcoin news in our <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">Telegram<\/a> \u2014 news on cryptocurrencies, prices and analytics.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In July, public mining companies sold 5,767.9 BTC with a total mined of 3,478 BTC, according to Hashrate Index experts.<\/p>\n","protected":false},"author":1,"featured_media":65638,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1137],"class_list":["post-65637","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrency-mining"],"aioseo_notices":[],"amp_enabled":true,"views":"19","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/65637","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=65637"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/65637\/revisions"}],"predecessor-version":[{"id":65639,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/65637\/revisions\/65639"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/65638"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=65637"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=65637"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=65637"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}