As Bitcoin surged in price, miners’ sales accelerated. According to data compiled by TheMinerDag, the 13 largest public Bitcoin mining companies sold more BTC than they produced during October.

The largest mining companies, such as Marathon Digital and Core Scientific, have a sales-to-production ratio of about 105 percent. This ratio indicates that miners are selling their accumulated assets in addition to the BTC they produce. The ratio was 64 percent, 77 percent and 77 percent in July, August and September, respectively. According to TheMinerDag, the sales-to-production ratio was as high as 390 percent last June due to price drops in the market and rising energy costs.

Some companies sold more than 300 percent of their monthly production

Miners’ sales during October exceeded 160 million dollars (5,492 BTC). Of these companies, Hut 8 and Bit Digital, in particular, sold 365 and 422 BTC respectively last month, liquidating of more than 300 percent of their monthly production.

Bitcoin rose 32 percent from $ 26,500 to over $ 35,000 last month. The $35,000 level had not been seen for 1.5 years. Shares of mining companies have also more than doubled this year, fueled by the rise in Bitcoin.

Bitcoin miners and investors are eagerly awaiting the block reward halving, which is expected to take place in April 2024. The halving is expected to significantly impact miners’ profitability. Almost all mining companies have already started working well in advance and improving their operations to minimize the effects of the halving.