Everyone has been asking why the miners are selling off:
Miners must sell, stay, or upgrade due to impeding halving.
The mining companies’ insiders have been selling to take profits after a significant run-up in valuations.
Taxes could be creating forced selling.
Miners are upgrading to newer, better, faster, and more efficient rigs.
I am not sure why miners are selling off precisely. Potentially, with the news surrounding MicroStrategy moving to the S&P 500, some people are pivoting away from miners to MSTR until they see the fallout of the halving.
Marathon might be shifting away from third-party hosted mining to self-mining.
Bitcoin miners had a legal battle with the government. The miners won round one against the Biden administration’s overreach, but more legal challenges are ahead.
Miners continue to face the dilemma of decreasing BTC rewards in April with a need for a substantial BTC price increase to stay afloat.
Many miners are losing money and/or do not have any cash on hand.
RIOT acquired 31,500 next-generation M60s worth $100M.
Many industry experts perceive a shift of mining to offshore locations with cheaper electricity.
