Miners Sell $450 Million BTC, Price Pulls Down!

<p>&nbsp;"Miners also want to make a profit, won't they be busy mining BTC and get tired."</p><p><br /></p><p>The price of cryptocurrency king Bitcoin (BTC) plummeted to $40,725 as miners sold 10,233 BTC worth $450 million on January 17, 2024 marking the biggest daily drop in miners' reserves in over a year.</p><p><br /></p><p>This is because miners usually go through a phase of accumulation and subsequent sales they start to accumulate a large amount of BTC around mid-2023 when the price is at a lower level.</p><p><br /></p><p>After the price of BTC rose again at $42,000 to $43,000 as it has been in recent months, miners moved into a selling phase where they sold the digital asset to increase cash flow.</p><p><br /></p><p><br /></p><p>There's no denying that BTC miners' reserves are at their lowest level since July 2021 at 1.83 million BTC, but it's worth noting that it's still a sizable reserve worth about $78 billion.</p><p><br /></p><p>Reported on January 14, 2024, Bitcoin mining firms Riot, TeraWulf and CleanSpark are best positioned to handle significant cost increases following the expected BTC halving event in April or May.</p><p><br /></p><p>While the average hash rate has dropped to the lowest level since October 2023 at 400 exahashes per second.</p><p><br /></p><p>It is widely known that several large mining facilities in Texas have recently shut down some of their operations to get power for the state amid extreme cold weather.</p><p><br /></p><p>As of this writing, BTC price has plunged by 2.97% to $41,241 in the last 24 hours with a market cap of $808 billion then recorded a 10.65% decline over the last week.</p>