The pressure on bitcoin intensified after a jump above $23,000. Miners changed tactics and resumed the implementation of the cryptocurrency, CryptoQuant said in a report.
If at the end of last year, mining pools mainly accumulated BTC and refused to send coins to exchanges, then in early January they again began to transfer cryptocurrency to trading platforms.
The MPI index increased from -0.85 to +3.25 in three weeks, which indicates an increase in the reserves of miners on exchanges.
Analysts concluded that mining pools sell bitcoins on the Coinbase and Binance platforms, as well as on OTC platforms.
The Bitcoin hash rate set a new record on January 20, exceeding 276.898 exahash per second (Eh/s).
Over the past weekend, computing power began to decline, which indicates a weakening of the activity of miners. On January 23, the hash rate dropped to 269,076 Eh/s, according to data from Blockchain.com.
According to Messari, in 2022, mining companies sold almost all of the mined bitcoins. In total, giants such as Marathon, Hut 8, Iris Energy, Argo, Riot and Core Scientific have sold over 40,300 BTC.