Miners send 150 thousand BTC to Binance and raise market attention
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Bitcoin miners significantly increased the volume of transfers to Binance throughout June, moving more than 150 thousand BTC to the exchange. The amount represents the largest flow of deposits originating from mining recorded in the last four months and reignited the debate over possible selling pressure in the market.
The data points to more intense activity from wallets linked to mining operations, at a time when the industry faces challenges related to profitability and rising operational costs. Although sending Bitcoin to exchanges does not necessarily mean an immediate sale, the movement increases the amount of coins available for trading.
In previous months, flows from miners remained relatively stable. The change observed in June suggests that some of these companies may be seeking liquidity to cover expenses or take advantage of favorable periods to realize profits.
The increase in available supply on exchanges is usually closely monitored by investors. If demand does not keep up with the growth in deposits, the market may face greater selling pressure. On the other hand, absorbing this volume without significant impacts on prices may indicate that buyers remain active and willing to consume the additional supply.
Meanwhile, Alphractal's Mining Balance Index recorded 0,75, signaling that miners are earning revenue below the average observed over the last twelve months. The indicator reinforces the challenges faced by the sector after the halving and amid the economic changes affecting the activity.
The reduction in profitability has already led several publicly traded mining companies to reduce their Bitcoin reserves. However, independent analyst Shanaka Anslem Perera argues that the ongoing transformation goes beyond the conditions of the cryptocurrency market.
According to him, many publicly traded mining operations currently work with average costs close to US$ 80 thousand per BTC produced. In some cases, the activity becomes less attractive when the coin's price remains below that level. Recent negative adjustments in network difficulty also indicate that some equipment has been turned off.
Perera also highlighted that growing demand for infrastructure geared toward artificial intelligence is changing the strategy of several companies. According to his analysis, one megawatt of energy used for mining can generate about US$ 1 million per year, while the same capacity allocated to hosting services for AI can produce between US$ 10 million and US$ 20 million annually.
As a result, assets such as energy contracts, land, connections to the power grid, and cooling systems are increasingly being directed toward projects linked to artificial intelligence. Even so, Perera notes that the Bitcoin network continues operating normally thanks to the automatic difficulty adjustment mechanism, which redistributes profitability among the remaining participants as some miners leave the activity.