Cryptocurrency News Today TheBitTimes.com

Public Bitcoin miners sold off nearly everything they mined in 2022 but appear to have started accumulating reserves once again in what some hope is a bullish signal. Publicly listed Bitcoin (BTC) miners sold off almost 100% of all the Bitcoin they mined throughout 2022, leading to a debate over whether the sales created "a persistent headwind" for the Bitcoin price or not. Analyst Tom Dunleavy from blockchain research firm Messari shared the data in a Dec. 26 tweet which indicated that approximately 40,300 of the 40,700 BTC mined by Core Scientific, Riot, Bitfarms, Cleans Park, Marathon, Hut8, HIVE, Iris Energy, Argo and Bit Digital from Jan. 1 to Nov. 30 was sold off. BTC miners sell roughly 100% of the coins they mine The 10 public bitcoin miners detailed here mined ~40.7k BTC and sold ~40.3k in 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) Decem...

Core Scientific reportedly filed for Chapter 11 bankruptcy protection in Texas owing to falling revenue and BTC prices. Just days after creditors offered to help Core Scientific — a Bitcoin (BTC) Mining company — avoid possible bankruptcy , report s emerged confirming the business’ inevitable fate. Core Scientific reported ly filed for Chapter 11 bankruptcy protection in Texas owing to falling revenue and BTC prices. On Dec. 14, Financial services platform B. Riley offered to finance Core Scientific with $72 million — $42 million with zero contingencies and $32 million with conditions — to retain the value for stakeholders. The decision was made after Core’s valuation fell from $4.3 billion in July 2021 to $78 million at the time of reporting. As a direct result of an extended bear market, Core Scientific had to sell 9,618 BTC in April to stay operational. A CNBC report citing a person familiar with the company’s finances said that the Bitcoin mining company would file for Chapter 11...