Mining companies of BTC have been employing new strategies to reduce risks, as evidenced by recent records of large amounts of Bitcoin being sent to exchanges, according to Bitfinex experts.
A whopping $128 million worth of Bitcoin was sent to exchanges on June’s end, which amounted to 315% of the daily production.
Poolin pool had the largest part of the distribution as analysts saw a climb in Bitcoin mining difficulty up to a new all-time high of around 53.91T, which was an indication of “reliability and confidence.”
The experts said that these large-scale sales of Bitcoin are an uncommon occurrence and illustrate the strategies mining companies are now adopting.
The movements of the first cryptocurrency appear to be indicative of a transfer of the supply from the long-term holders to short-term traders who seek quick profits, Bitfinex’s report notes.
In light of the upcoming halving in 2024, mining companies have been increasing their capacities and becoming more efficient.