Share this article
Bitcoin Miners Are Probably Selling Their Output at the $28K Level: Matrixport
Miners are being forced to liquidate any new bitcoin mined as margins have narrowed in recent weeks, the report said.
Updated Jun 2, 2023, 6:16 p.m. Published Jun 2, 2023, 10:15 a.m.
Bitcoin is experiencing selling pressure at the $28,000 price level, and miners may be responsible, crypto-services provider Matrixport said in a report Friday.
Matrixport said it suspects that bitcoin miners are being forced to liquidate any new inventory produced because profit margins have compressed in recent weeks, the report said.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Mining has become very competitive, and often unprofitable, due to the continuous increase in bitcoin miner difficulty, the report added. Mining difficulty – the measure of how easily miners can discover a new block of bitcoin – hit an all-time high earlier this week.
“At the current input cost and potential output revenue expectations, most of the machines produced before 2022 appear to be unprofitable,” wrote Markus Thielen, head of research.
This means miners are forced to sell their inventory at the current level instead of holding on till prices increase as Matrixport foresees, the note said.
“There is now significant upside convexity for miners as profitability could increase fourfold if bitcoin prices increase by 10% plus,” the note added.
Read more: Crypto Market Near-Term Upside Is Likely Capped: Bank of America
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
ICP Rises, Keeping Price Above Key Support Levels
Internet Computer rose, keeping the price above the $3.40 support zone, with early session volume spikes failing to produce a sustained breakout.
What to know:
- ICP rose 0.6% to $3.44 as early session volume surged 31% above average before fading.
- Resistance near $3.52–$3.55 rejected multiple breakout attempts, keeping the token range-bound.
- Support between $3.36–$3.40 held firm, maintaining ICP’s short-term higher-low structure.
Top Stories
