Bitcoin miners seem to be giving up on the prospect of holding the maiden crypto for long-term profit as they continue to sell large sums of the digital coin.

According to data shared by CryptoQuant, as of December 1, bitcoin miners have already dumped 10,000 units of BTC.

The number is significantly lower compared to what was observed on November 26 when the market witnessed an inflow of 2,569 units of the cryptocurrency that were also sold by its miners.

CryptoQuant analyst Joaowedson shared some insights regarding the matter and made mention of the current cost of Bitcoin mining and the slumping price of the crypto asset as reasons for this development.

“Faced with the current price of Bitcoin and the high cost of mining in several countries, miners are being forced to sell their positions,“ Joaowedson said.

(By Christian Encila)