Bitcoin miners are beginning to sell tokens they’ve hoarded to cover burgeoning costs with the prospects for industry growth slowing and the price of the largest cryptocurrency showing few signs of rebounding following the recent collapse from record highs.
Miners transferred about 195,663 coins to exchanges in May, the biggest monthly increase since January, according to data from Coin Metrics compiled by Compass Mining. Based on Bitcoin’s average price of around $32,000 in May, the total value of the tokens was about $6.3 billion.
That indicates companies may be moving large amounts of coins stored in their digital wallets to exchanges for sale. To be clear, the number does not necessarily mean miners are selling that many tokens since some miners would put their coins in exchanges for other transactions and not sell.
Sellers include publicly traded miners such as Riot Blockchain Inc. that had been stockpiling Bitcoin on a bet that prices would keep appreciating. They had served...
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