Bitcoin Miners Sell Their Holdings Amid Crypto's Crashing Market, Tumbling Value: Report

Bitcoin miners are reportedly selling off their holdings as a plunge in prices, rising energy costs and increased competition bite into profitability. According to analyst Jaran Mellerud, the plummeting profitability of mining forced these miners to increase their selling rate to more than 100 percent of their output in May, with conditions getting worse in June.