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Since the beginning of November, miners have transferred more than 71,000 bitcoins to the Binance exchange
In November, miners became among the most active users of the Binance cryptocurrency exchange, transferring 71,000 bitcoins to the platform. The maximum one-day deposit received by Binance amounted to 12,564 BTC.
Still, miners’ activity is not enough, since the BTC exchange reserves remain low. Demand for spot sales is being met as bitcoins move into the hands of new large investors.
Binance’s reserves contain more than 566,000 BTC, which is 10,000 coins more than in recent weeks. However, even such exchange reserves are smaller than in previous cycles.
Despite the low block reward, block mining is currently profitable because miners use more efficient equipment, allowing them to sell more coins at a profit. The market still remains able to absorb BTC even at prices above $100,000.
Miners also have different reasons for selling. Some companies may sell old coins, trying to reorient themselves and finance new data centers for AI.
In general, the cost of coin mining varies greatly. At some mining farms, the production of one coin may cost as little as $45,000, while at others it may reach $117,000.
See also: "The U.S. discusses approval of leveraged crypto products"
