Bitcoin (BTC), which is losing 5% in one day, is causing major changes for miners, and data shows that mining pools are suddenly sending large amounts of BTC to stock exchanges.
Data from the monitoring resource in the CryptoQuant chain shows that on September 2, there was an increase in churn through large mining pools.
CryptoQuant expects “war” in the BTC bull market
Accepts three pools – Poolin, Slush, and HaoBTC, which are now deprecated – with a total cash outflow on Wednesday of 1,630 BTC ($ 18.5 million).
The figure is decreasing compared to what was recently seen and this is due to the fact that BTC / USD quickly lost $ 12,000 to bounce off $ 11,150.
According to Ki Yong Joo, CEO of CryptoQuant, miners can seize the opportunity to reorganize the competition now that bitcoin is trading much higher than it was for most of 2020.
“I think there will be a mining war between those who want higher bitcoin prices and those who don’t,” he told Cointelegraph in a personal comment.
“As far as I know, some Chinese miners are already aware of the profitability of mining (return on investment) and may not want new entrants to mining to participate in this industry because of the beef market.”
While the coins are likely to go to stock markets, the risk of selling due to lower prices is still less likely, Key continued.
“The mines are good traders,” he added. “I think they’re just looking for opportunities to sell, not give up.”
Baselines are still at an all-time high
Miners are familiar with price-driven conversions, which confirms CryptoQuant’s theory. In May, just after the block support was halved, similar behavior was observed with price volatility.
As Cointelegraph reported earlier this week, the network base continues to be optimistic among respondents as hash rates and difficulty hit record highs.
At time of publication, estimates suggest that the next difficulty adjustment set in four days will reduce difficulty almost imperceptibly by 0.13%.