Crypto analysts, traders and anonymous influencer Bitcoin pundits on X (formerly known as Twitter) frequently interpret what Bitcoin miners do with their block rewards as a sentiment gauge for where BTC price might go.
According to the strategy, Bitcoin miner rewards sent to exchanges foreshadows pending sell pressure on Bitcoin price and possibly reflects distress among miners.
Elements of this methodology were challenged by an assortment of publicly listed Bitcoin miners at last week’s Bitmain World Digital Mining Summit in Hong Kong.
According to Jeff Taylor, the Core Scientific EVP of Data Center Operations,
“Core Scientific might be the poster child for the HODL strategy. We built a 10,000 Bitcoin hoard and we rode it up to the top, and then it led to some financial struggles that we are trying to emerge from now. So what we’re doing today, we sell our Bitcoin production each day. I think it goes back to those three things. How and where can you drive costs out, how and where do you drive efficiency up, and what are the new financial innovations that you can bring to your treasury or to your power programs to basically stabilize your overall companies’ profitability.”
Panelists Taylor Monning and Will Roberts from CleanSpark and Iris Energy, agreed with Core Scientific EVP Jeff Taylor, mentioning that their respective companies also sell a majority of their mined BTC.
Monning said,
“CleanSpark’s strategy was wildly different right, so we were very conservative during the bull market and we got a lot of grief for that. We sold Bitcoin all the way at the top at $60K, and we got a lot of grief for that as well. But, I think everybody has kinda seen our strategy pay off this year with the expansion that we’ve taken to 9.5 exohash and now we’re starting to increase our hodl as you guys have probably seen over the last couple of months now that bitcoin price is at a much lower rate. So we took a lot more conservative approach in the bull market. Building in the bear has been the motto inside our company and I think we will continue to expand on that. I think people learned a lot over the last market cycle and I think the CleanSpark strategy will be adopted by a lot of the other miners moving forward.”
Iris Energy co-founder Will Roberts added,
“We’ve sold all our Bitcoin daily since we started mining. I mean our view of this is mining Bitcoin and…
Click Here to Read the Full Original Article at Cointelegraph.com News…
