According to data disclosed by Vincent Maliepaard, marketing director of IntoTheBlock, ChainCatcher reported that Bitcoin miners’ reserves have decreased by about 20,000 BTC since June. The Bitcoin halving two months ago may be a driving factor for the recent miners’ selling, as profit margins have been declining since then.
Compass Mining Chief Revenue Officer CJ Burnett said that large mining companies are still actively purchasing the latest generation of mining machines to improve mining machine efficiency, economies of scale, and gross profit margins.