Northern Data, Europe’s largest cryptocurrency mining company, announced in a report on Thursday that it plans to sell all daily mining rewards to focus on making money in the down market. Here are the details…
European cryptocurrency miner Northern Data sells altcoins
Until then, their main focus will be on making money every day by selling all the coins they have created. According to firm president Aroosh Thillainathan, great opportunities are foreseen in this environment and we are ready to seize them when they align with our business plan. The company claims that it liquidated Bitcoin and Ethereum assets above their current prices between May and June to increase its liquidity. Reports state that during the same period, the company sold 48,616 ETH at an average price of $1,745 and 1,591 BTC at an average price of $30,403 per coin.
Thillainathan claims that the current global economic and political turmoil has not left the crypto markets harmless. With a current Bitcoin mining computing power of 3.5 EH/s, Northern Data states that it mined 239 BTC in June, 19 percent less than in May. On the other hand, it used almost 223,000 GPUs to mine 4,331 ETH. It is important to note that the recent market crash has hurt crypto miners in particular. Despite rising energy prices, mining profitability has dropped more than 75 percent, sources reported. As a result, most miners had to sell their properties in order to remain operational.
According to statistics from Glassnode, Bitcoin outflow from miners to exchanges reached a seven-month high at the end of June, with around 9,476 BTC. Additionally, more recent data estimates that miners sell an average of 3,000–4,000 BTC, which could soon reach 8,000 BTC. It is important to note that this increases market selling pressure and may cause more pain for cryptocurrency investors. While the exact bottom of the Bitcoin price is still unknown, miners’ sales typically defined the final stages of a cryptocurrency bear market.
What is the latest situation in the market?
The bulls remain in control of the market as Bitcoin rises to a new monthly high above $22,400. Some altcoins are also doing well in the green, with ETH drawing a local top of its own at almost $1,500. MATIC posted double-digit gains. The past few days have been pretty good for most altcoins and Ethereum has taken charge. Perhaps fueled by the launch of the last 9th shadow fork, ETH is on the decline.
The asset dropped to about $1,000 on July 13, but has since added almost 50 percent in value and is now close to $1,500. This comes after a 9 percent increase in the last 24 hours. Several other large and medium-sized alternatives have impacted on a daily scale. MATIC is among those rising 18 percent to $0.9. Also, the asset has increased by over 65 percent in one week. ETC saw a similar percentage increase in one day.
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