Bitcoin miners sold their entire May harvest: report

[Markuri33]

Bitcoin miners are finding it extremely hard to continue their operation as the cost of production has exceeded the profit. The cryptocurrency market entered a sell-off phase in the first week of June, seeing a market-wide route with the majority of cryptocurrencies falling to a 4-year low.

The deteriorating market conditions have also affected Bitcoin (BTC) mining profitability adversely, forcing miners to liquidate their BTC holdings.

New data from Arcane research shows that public Bitcoin mining firms sold 100% of their BTC production in May compared to the usual 20-40% earlier.more