The 5th Largest Mining Pool Sold $23 Million Bitcoin at $10k Before the Dump

On June 1st, the price of bitcoin soared to $10,430 and remained above $10k until the dump yesterday took it down to $9,150 on some exchanges and to $8,600 on BitMEX.

But before the digital currency crashed more than 9%, bitcoin miners sold a good chunk of their BTC.

Before BTC’s dump, 2,293.7 BTC at $10,104 worth more than $23 million outflowed from an unknown bitcoin mining pool, as per CQ.Live. More BTC was sold by this mining pool after the price dropped. In total, 4,512 BTC were sold on June 2nd.

On May 20, when BTC price went from $9,600 to $9,000, 6,767 BTC were sold by this unknown miner at about $9,770, worth over $66 million.

This unknown mining pool is accounted for the 5th highest hash rate followed by F2Pool, Poolin,, and AntPool.

Miner Capitulation?

According to the on-chain analysis platform ByteTree as well, Bitcoin miners are busy selling. As a matter of fact, they sold 11% more BTC than they created last week.

Over the past week, 5,800 BTC was generated while 6,500 BTC were sold. For the first time since their creation, these BTC left the wallet it was generated in, which could belong to an individual, company, or a mining pool.

Some argue this is miners starting to “capitulate” but others argue that this term might entail different meanings. Moreover, miners are moving to other locations as the older machines at current prices become unprofitable.

New Machines & Leaders Emerging

Amidst all this, Bitmain has launched its new Antminer T19 Bitcoin mining ASIC. The chips used in the new device are the same as those featured in the Antminer S19 and S19 Pro but have an upgraded firmware and new APW12 power supply.

The leading bitcoin mining manufacturer, however, has been losing its edge in the market with MicroBT emerging as a strong competitor that is expected to take its market share.

“MicroBT has overtaken Bitmain (product quality, ability to ship large quantities, customer support). Canaan next but hasn't released a unit comparable to S19 & M30 yet. Their latest-gen is A1066 Pro. Then Innosilicon, but they're based in Wuhan and no new BTC miner recently,” said Thomas Heller, Global Business Director at F2Pool.

On the profitability front, these new T19 models can generate $3.14 profit per day compared to $3.93 earnings generated by S19.

Post halving, while fundamentals have started to improve, the second-biggest mining pool by total hash rate, Poolin is busy expanding its crypto lending and financial services business through a new partnership with BlockFi which will act like an interbank lender to provide the miner capital.

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