Bitcoin‘s (BTC) depreciation of 5 percent in one day caused major changes for miners; according to the data, mining pools suddenly began sending large amounts of Bitcoin to exchanges.
On September 2, the outflows of large mineral pools increased rapidly, according to data from the in-chain monitoring source Cryptoquant.
Miners ‘ war
Total production of the Poolin, Slush, and indoor haobtc Pools saw 1,630 Bitcoins ($18.5 million) on Wednesday.
This figure, seen in the days when BTC / USD rapidly depreciated and jumped from $11,150, significantly outpaced recent outflows.
Cryptoquant Chief Executive Ki-Young Ju suggested that miners could take advantage of the opportunity to re-regulate competition as Bitcoin surges higher than most of 2020.
“I think this will be a battle between miners who want and don’t want Bitcoin to rise,” the CEO told the press.
“As far as I know, some Chinese miners are already taking cash from mining profits and may not want new competitors to join the sector because of the bull market.”
He added that a sale was unlikely because of the price drop, despite the money being transferred to the exchanges.
