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What is a bitcoin mining setup?

A typical mining setup. (Sandali Handagama) Bitcoin (BTC) miners have sent over a billion dollars worth of the asset to crypto exchanges over the past two weeks but not necessarily to sell the tokens. Miners are entities that utilize extensive computing power to solve sophisticated encryptions and produce blocks on the Bitcoin blockchain.

Why do miners sell bitcoin?

Miners usually sell bitcoin at favorable prices to keep their extensive computing operations running. A typical mining setup. (Sandali Handagama) Bitcoin (BTC) miners have sent over a billion dollars worth of the asset to crypto exchanges over the past two weeks but not necessarily to sell the tokens.

How has bitcoin shifted from miners to centralized exchanges?

Transfer of bitcoin (BTC) from miners to centralized exchanges has picked up the pace since May 31, according to data tracked by blockchain analytics firm Glassnode. Data from Glassnode shows miners or entities minting coins by verifying transactions on the blockchain have moved 6671.99 BTC ($174 million) to exchanges since May 31.

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