In November, miners became some of the most active users of the crypto exchange. Binance, transferring 71,000 bitcoins to the platform.
The maximum one-day deposit received on Binance, amounted to 12,564 BTC.
However, miner activity is insufficient, as exchange reserves of BTC remain low. Spot demand is being met as Bitcoin moves into the hands of new, large investors.
In reserves Binance There are over 566,000 BTC, which is 10,000 more than in the past few weeks. However, even this exchange’s reserves are smaller than in previous cycles.
Despite the low block reward, block mining is currently profitable because miners use more efficient hardware, allowing them to sell more coins at a profit. The market is still capable of absorbing BTC even at prices above $100,000.
Miners also have different reasons for selling. Some companies may sell old coins in an attempt to refocus and fund new AI data centers.
Overall, coin mining costs vary greatly. At some mining farms, producing one coin can cost as little as $45,000, while at others, it can reach $117,000.