Last week, Bitcoin miners reportedly sold 11 per cent more coins than they generated over the same period.
Last week, Bitcoin (BTC) miners sold 11 per cent more coins than they generated over the same period, June 1 data from on-chain analysis portal ByteTree suggests.
According to the portal's metric that tracks Bitcoin wallet addresses associated with miners, around 5,800 BTC was generated over the past seven days, compared to over 6,500 ‘first spend’ transactions.
The ‘first spend’ that is used for the calculation is “the first time that a Bitcoin leaves the wallet it was generated in,” a ByteTree spokesperson explained to Cointelegraph, elaborating on how their metric works in greater detail:
"The miner wallet can be owned by an individual, a company or a mining pool.