Crypto analysts, traders and anonymous influencer Bitcoin pundits on X (formerly known as Twitter) frequently interpret what Bitcoin miners do with their block rewards as a sentiment gauge for where BTC price might go.
According to the strategy, Bitcoin miner rewards sent to exchanges foreshadows pending sell pressure on Bitcoin price and possibly reflects distress among miners.
Elements of this methodology were challenged by an assortment of publicly listed Bitcoin miners at last week’s Bitmain World Digital Mining Summit in Hong Kong.
According to Jeff Taylor, the Core Scientific EVP of Data Center Operations,
Panelists Taylor Monning and Will Roberts from CleanSpark and Iris Energy, agreed with Core Scientific EVP Jeff Taylor, mentioning that their respective companies also sell a majority of their mined BTC.
Iris Energy co-founder Will Roberts added,
According to TeraWulf co-founder Nazar Khan,
Related: Bitcoin miners double down on efficiency and renewable energy at the World Digital Mining Summit
When questioned on the accuracy and methodology of on-chain metrics like Charles Edward’s hash ribbons indicator, Khan quipped:
Statements from Foundry vice president Kevin Zhong also aligned with the perspectives of the publicly listed miners at the WDMS.
To hear the full conversation on Bitcoin miners’ pivot to renewable energy, the growing synergy between energy producers and BTC miners and miners' views on the upcoming halving check out the WDMS panel here.
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