Last Updated on 2 hours by John Piper

The majority of Bitcoin mined in this year’s Bitcoin mining operations have been sold by public-listed Bitcoin miners, prompting questions about the potential challenges this may have presented to the top cryptocurrencies.

Blockchain analyst Tom Dunleavy, Messari, posted earlier this week research on Bitcoin miners activity. The data shows that nearly all the Bitcoin mined in 2022 by 10 major mining accounts, including Bitfarmss, HIVE and Argo, Iris Energy, Bit Digital, has been sold. Dunleavy believes that selling freshly mined Bitcoin could cause a drop in the price overall. This points to a bullish Ethereum-Bitcoin trade but a “persistent headwind for Bitcoin.”

Dunleavy believes that miners selling off new Bitcoins puts downward pressure on the top cryptocurrency’s price.

BTC miners are able to sell approximately 100% of the coins that they mine

The public 10 bitcoin miners

The detailed here mining of Bitcoin was 40.7k BTC, and it was sold for 40.3k by 2022

This is a persistent headwind for BTC and for no other reason a good thesis to be bullish the ETHBTC ratio trade pic.twitter.com/L1iI6Z07p7

— Tom Dunleavy (@dunleavy89), December 26, 2022

Bitcoin mining companies have also been selling older Bitcoin stock over the past six months due to uncertainty and distrust in this industry after the crash of FTX.

Despite the bullish outlook for mining activity, it is possible that the selling pressure might not be as strong. Arthur Hayes, former CEO of BitMEX crypto exchange, said that the increased sales by Bitcoin miners has not caused significant selling pressure on the overall market. Hayes stated in a report:

“[We] cannot ignore the ongoing selling pressure, since it is easily absorbed the markets… I believe the forced selling Bitcoin by CELs or miners is over. You would have sold if you didn’t have to… If you needed fiat money to continue your business, there is no reason to hold off. There are no more collateral or miner loans .”, as almost all major CELs have stopped withdrawing (indicating insolvency at the best).

Coin Insider’s first article, Bitcoin miners selling roughly 100% of the BTC mined by 2022 appeared on Coin Insider.