Tag: Miners

Bitcoin Miners Flood Binance With 51K BTC — Is A Sell-Off Imminent?

According to on-chain trackers, bitcoin miners have moved a huge amount of coins to a major exchange in recent days, signaling a clear change in behavior that the market will watch closely.

Reports have disclosed miner transfers totaling 51,000 BTC — worth over $5.7 billion — to Binance since October 9. That is a very large flow of supply into a place where coins can be sold quickly.

Miners Move Large Amounts To Exchanges

On October 11, there was a dramatic spike when miners deposited more than 14,000 BTC to Binance, a day after the market plunged and bitcoin briefly fell to $104,000, an event that wiped out nearly $20 billion in leveraged positions.

Based on data, the outflow on that day was the biggest miner transfer since last July. Market participants often read such moves as a tilt from holding toward selling, and that shift can change short-term sentiment fast.

Binance Data Indicates That Since October 9, Miners Have Deposited a Total of 51K Bitcoin

“The deposit of 51,000 Bitcoins within seven days represents a clear shift in miner behavior from holding to selling or liquidating.” – By @ArabxChain pic.twitter.com/qSN6WGK5bu

— CryptoQuant.com (@cryptoquant_com) October 16, 2025

CryptoQuant and other analytics firms caution that moving coins to an exchange does not always equal an immediate sale. Some miners may be posting bitcoin as collateral for futures, funding operational needs, or shifting reserves between wallets for bookkeeping.

Still, the market tends to react quickly to visible supply flows. Traders may act on that visible movement even if the coins are not sold right away, increasing price pressure through trading behavior alone.

Whales And Funds Buying The Dip

Reports have shown that large buyers have been active at the same time. One new wallet reportedly purchased $110 million worth of BTC from Binance, while another fresh address bought 465 BTC (about $51 million) from FalconX.

In addition, US spot Bitcoin ETFs have recorded inflows. Those buyers could soak up some of the miner-supplied coins and limit how far the price falls.

Market Momentum Remains Fragile

After a wild week that erased large amounts of market value, bitcoin has struggled to regain clear momentum. Based on Bloomberg data, the coin was trading near $109,000 on Oct. 17 in Singapore.

Bitcoin had hit an all-time high of $126,250 on October 6, so the pullback has been sharp and fast. For the week to Oct. 12, bitcoin slid as much as 6.5%, the largest weekly fall since early March.

Analysts put a key support near $107,000. A firm break below that level could invite deeper losses, they warn. On the flip side, steady buying by large holders and continued ETF demand might keep the market from sliding much further. The tug of war is plain: miners adding potential supply versus big buyers taking the other side.

Featured image from Unsplash, chart from TradingView

Christian Encila

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October 17, 2025
Rescuers in Colombia try to dig out 20 miners trapped in a collapsed gold mine

BOGOTA, Colombia (AP) — A collapse at a gold mine in northern Colombia trapped more than 20 miners, and rescuers were working Tuesday to dig them out, government and company officials said.

Canada’s Aris Mining Corp., which works with the independently run La Reliquia mine in the Antioquia region, said in a statement that the main shaft collapsed Monday and that five company employees were among the 23 trapped. It said it expected the trapped miners to be brought to the surface on Wednesday, and that rescuers were delivering food and water to them in the meantime.

Colombia’s National Mining Agency said in a separate statement that 25 people were trapped in the gold mine, in the municipality of Segovia.

La Reliquia is located within a mining block that has been assigned to Aris, but that is operated by a local mining cooperative.

The Canadian company said that the mine has about 60 employees overall, and that it provides a “small portion” of the ore that supports its overall gold production in Segovia.

Aris runs two mining concessions in Colombia, which last year produced about 6.6 tons of gold, or 210,000 ounces. Colombia’s gold production climbed to 67 tons per year in 2024, supported by high prices for the precious metal.

A report published in 2023 by Colombia’s Human Rights Ombudsman said that more than 80% of Colombia’s gold is mined by informal operators with no licenses, including artisanal miners but also members of rebel groups.

The precarious conditions at some gold mines in Colombia have led to fatal accidents. On Saturday the bodies of seven miners were found at an illegal mine in Cauca province. Rescue teams took nine days to reach the trapped workers.

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September 23, 2025
Bitcoin Miner Greenidge Generation Reaches Debt Restructuring Deal With NYDIG

Greenidge Generation, a bitcoin miner operating in New York, has reached a restructuring agreement for the $74.4 million debt with its lender, NYDIG.

The restructuring will involve NYDIG purchasing 2.8 exahash per second (EH/s) of Greenidge’s bitcoin miners, which Greenidge will host for NYDIG. This would eliminate $57-$68 million of debt, leaving Greenidge with approximately 1.8 EH/s of its own miners, while requiring that the mining firm also pledge the rest of its unencumbered assets to secure the remainder of the loan.

According to the released term sheet, “The Company’s average monthly cash burn rate during October and November 2022 was approximately $8 million, of which approximately $5.5 million per month was associated with principal and interest payments to NYDIG. Further, the Company expects to have a similar cash burn, and similar payments to NYDIG, during December 2022.”

Previously, Greenidge began sounding the alarm in regards to their financial standing due to the amount of cash they were burning, indicating that at such a speed they would run out of money by March 2023.

Bitcoin miners have been hit hard with old bull market orders getting fulfilled and new contributions to increasing hash rate, all while the price of bitcoin held by the miners plummets. In effect, they mined high and sold low.

BtcCasey

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December 20, 2022
Miners Are The Biggest Risk Facing The Bitcoin Price

The below is an excerpt from a recent edition of Bitcoin Magazine Pro, Bitcoin Magazine’s premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.

As Hash Rate Soars, Parallels to 2018 Arise

On October 23, bitcoin mining difficulty saw an upwards adjustment of 3.44% (after the previous adjustment of 13.55%), pushing mining difficulty to yet another all-time high as hash rate continues to soar. With the price of bitcoin stagnating at $20,000 give or take for the last few months, we have noticed some parallels between the market cycle of 2018 and the one in front of us today.

Meme Source: Braiins Mining

The rising hash rate dynamic seen throughout 2022 while the bitcoin price has fallen has put a lot of pressure on both public and private mining operations. Throughout the year, we have seen public miners capitulate on their bitcoin holdings, as diminishing revenue and treasury values have placed increasing pressure on balance sheets.

At their peak, public miners’ bitcoin holdings reached over 46,000 BTC but have since fallen 26% as bitcoin treasuries were sold out of necessity to access more capital, pay down debt and fund operations and expansion plans. Although estimated and rough numbers, the top public miners make up over 20% of all Bitcoin’s network hash rate. Moves from public miners to not only sell bitcoin holdings but also to expand and contract their hash rate have a significant impact on the market.

Bitcoin holdings from the top publicly traded bitcoin mining companies

As hash price continues to trend to all time lows, the probability of a miner capitulation/liquidation event probabilistically increases until a drawdown in hash rate, as certain entities cease mining and liquidate their assets (in the form of both bitcoin and ASICs).

Barring the China mining ban during 2021, the largest peak-to-trough drop in hash rate (7d MA) in the history of bitcoin was approximately 35%. In our opinion, this bear market cycle won’t end until a flush of the weakest miner participants has occurred, which will be observable by a temporary yet meaningful fall in hash rate and will subsequently decrease mining difficulty, easing conditions for the surviving participants.

While there was already a “capitulation” per se earlier this summer during the initial cryptocurrency market deleveraging in June, hash rate has since gone vertical, with new fleets of the newest Bitmain Antminer S19 XP, an industry-leading miner, just now being deployed en masse by the largest miners.

Given the current state of hash rate and difficulty, we believe that the pressure is indeed building, but the figurative burst has yet to occur.

The Mechanics Of A Race To The Bottom

We could easily see a scenario where further bitcoin price and miner industry revenue pressures force more of that held bitcoin back into the market along with a significant drawdown in hash rate. Below charts show the comparison of hash rate, price trajectory and percentage drawdown from 2018 and present day.

The comparison of hash rate, price trajectory and percentage drawdown from 2018

The current comparison of hash rate, price trajectory and percentage drawdown

If there is a case for the last last leg lower, this is it, and our data-driven approach has us leaning towards this having a decent likelihood of playing out. In the chart below, observe what happened to the bitcoin market the last time there was a price stagnation following a drawdown of this caliber as hash rate soared to daily new highs (hint: the dotted line).

The last time there was a price stagnation following a major hash rate drawdown

While history doesn’t repeat, it often rhymes, and our data-driven approach has our team on increasing alert about the pressure this mining industry and subsequently the bitcoin market will face over the short term.

While we are in no way saying this occurs with certainty, the higher that hash rate goes while bitcoin the asset itself trades with increasingly muted levels of volatility -71% from its previous all-time high (around when some of the largest CapEx investments made into mining infrastructure took place), then it is increasingly probable a final miner-induced capitulation event will occur. This is not a prediction, but rather an observation based on the data currently in front of us.

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Dylan LeClair And Sam Rule

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October 27, 2022