The amount of Bitcoin (BTC) funds sent by miners to crypto exchanges has reached a “multi-year high,” writes RBC Crypto with reference to CoinDesk. The publication refers to data from the analytical platform CryptoQuant, which shows that mining companies have transferred tens of thousands of mined bitcoins worth more than $1 billion to crypto platforms.
Most of the bitcoins listed on exchanges came from the F2Pool company. The firm's analyst, Bradley Park, told the publication that bitcoin sales are associated with increased costs, including capital ones.
The increased expenses were caused by the launch of the F2Pool pool in Kazakhstan and the need to upgrade the fleet of devices to new Antminer T21 models from Bitmain, Park said. On obtaining a license in Kazakhstan for the company reported at the end of 2023. F2Pool's hashrate has begun to increase, showing that the platform has already begun to upgrade its capacity, the report said.
In anticipation of the Bitcoin halving, which is due to occur in the spring of 2024, the installation of new generation machines is especially relevant. According to experts, the upcoming halving will be an important test for miners, as they will face a decrease in the size of the reward and an increase in the cost of mining cryptocurrency.
Source: Cryptocurrency
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