Since January 17, these miners have sent up to 5,592 BTC to Binance.
In a recently launched campaign, Bitcoin (BTC) miners have begun delivering their assets to exchanges, with up to 5,592 BTC moving from 1THash, a Chinese mining pool, to Binance since January 17. This trend began when BTC was still trading above $21,000 and has continued despite the price drop.
According to Julio Moreno, the CryptoQuant Author who first brought notice to the situation, 1THash saw a significant BTC miner outflow in three days, as 5,732 BTC, presently valued at $120.1 million, exited the mining pool’s reserves in two distinct transactions.
Recent large #Bitcoin miner outflows went to exchanges. 🧵
The BTC was from mining pool 1THash.
1. Two txs: one on Jan 17 for 2,396 BTC and another on Jan 19 for 3,336 BTC.
2. The 3,336 BTC went straight into Binance.
3. 1THash reserves are now zero. pic.twitter.com/mE989fYPaV
— Julio Moreno (@jjcmoreno) January 19, 2023
The first transaction occurred on January 17 and featured an outflow of 2,396 BTC, while the second occurred on January 19 and entailed the transfer of 3,335 BTC out of the mining pool. As a result of the outflows, 1THash now has a miner reserve of 0. The entire 3,335 BTC from the second transaction was sent to Binance.
Furthermore, 2,256 BTC from the first transaction were sent to Binance via three distinct addresses. The monies were received by the first address on January 17, 07:29 (UTC), and were mixed with other tokens it already held in its balance before being distributed to the remaining addresses on January 19. Ki Young Ju, CEO of CryptoQuant, also emphasized the trend.
Miner(s) in 1THash pool sent 3,336 $BTC to Binance. https://t.co/2xvlrc9QuP
— Ki Young Ju (@ki_young_ju) January 19, 2023
As of press time, nothing is known about the motivation behind these maneuvers, with some market observers speculating that they may not sell the assets anytime soon. Regardless, these changes come only days after Bitcoin miners were rumored to have sold off 7K+ BTC in five days. Miners also sold 4,586 BTC in three days last September, when the asset was trading in the $20k range.
When compared to other mining behemoths like Foundry USA, Antpool, and F2Pool, 1THash contributes very little to the total global BTC hash rate. With an estimated hashrate of 641.21 PH/s, 1THash contributes 0.32% of the total hashrate of all mining pools, ranking 15th according to BTC Explorer data.
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