That is significantly higher than the previous three months, when the ratio was 64%, 77% and 77% in July, August and September respectively.
The top 13 public crypto-mining companies sold the equivalent of all the Bitcoin they minted in October, plus a little more, while the digital asset posted one of its biggest rallies since token prices crashed last year. The liquidation-to-production ratio was about 105% for companies including Marathon Digital Holdings and Core Scientific, according to data compiled by industry trade publication TheMinerMag, meaning they sold Bitcoin from their holdings in addition to what was produced.
Bitcoin mining is an energy-intensive process in which miners use specialized computers to validate transactions on the Bitcoin blockchain and earn rewards in the token. Historically, miners tend to sell more coins to either replenish their cash flow or capture higher prices in a rally. Bitcoin surged 28% to around $35 000 last month, bringing its year-to-date returns to more than 100%. That’s still below the record high of almost $69 000 reached in late 2021.
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