Miners are back in accumulation mode, with 5,000 BTC added to Bitcoin’s unspent supply since the start of February.
Chinese supplier MicroBT will be providing the new hardware over the next two years.
Bitcoin is retesting a key support level at $44K-$45K for the third time in the past week.
Bitcoin in, and Bitcoin out: major players are deploying different strategies as BTC consolidates well under $58,400 highs.
On-chain data shows that while miners are selling less BTC, old investors are realizing profits.
Bitcoin mining equipment maker Ebang announced Thursday it is preparing to officially launch a cryptocurrency exchange in the first quarter of 2021.
Chinese miners are struggling to sell their crypto in ways that would quickly get them much-needed cash in the face of a government crackdown on local exchanges.
Ebang, one of the major manufacturers of bitcoin mining equipment, hopes an exchange could double total revenue by 2022.
Miner outflows of bitcoin have dropped to decade lows, with analysts saying a hoarding mentality and a drop in issuance after the halving are responsible.
While bitcoin looks set to prolong its recent bullish moves, those responsible for making new bitcoin have increased their selling.