These miners have sent up to 5,592 BTC to Binance since January 17.
Bitcoin (BTC) miners have begun sending their assets to exchanges in a recently-introduced campaign, with up to 5,592 BTC transferred from 1THash, a Chinese mining pool, to Binance since January 17. This trend began when BTC was still holding strong above $21K and persisted despite the crash from the price territory.
1THash saw a massive BTC miner outflow in three days, as 5,732 BTC – currently valued at $120.1M – left the mining pool’s reserves in two separate transactions, according to Julio Moreno, the CryptoQuant Author who first called attention to the development.
Recent large #Bitcoin miner outflows went to exchanges. 🧵
The BTC was from mining pool 1THash.
1. Two txs: one on Jan 17 for 2,396 BTC and another on Jan 19 for 3,336 BTC.
2. The 3,336 BTC went straight into Binance.
3. 1THash reserves are now zero. pic.twitter.com/mE989fYPaV
— Julio Moreno (@jjcmoreno) January 19, 2023
The first transaction which occurred on January 17 saw an outflow of 2,396 BTC, while the second involved the transfer of 3,335 BTC out of the mining pool on January 19. Following the outflows, 1THash currently has a miner reserve of 0. All the 3,335 BTC from the second transaction was sent directly to Binance.
Furthermore, 2,256 BTC out of the 2,396 from the first transaction were routed through three different addresses to Binance. The first address received the funds on January 17, 07:29 (UTC), then mixed it with other tokens it previously had in its balance before sending everything (6316 BTC) to the other addresses on January 19. CryptoQuant CEO Ki Young Ju also highlighted the development.
— Ki Young Ju (@ki_young_ju) January 19, 2023
Little is known of the motivation behind these movements as of press time, with some market watchers asserting that they might not sell the assets soon. Notwithstanding, these movements come shortly after BTC miners were reported to have sold off 7K+ BTC in five days. Last September, miners also sold off 4,586 BTC in three days when the asset was trading at the $20k zone.
It bears mentioning that 1THash contributes little to the combined global BTC hash rate, when compared to other mining giants such as Foundry USA, Antpool, and F2Pool. With an estimated hashrate of 641.21 PH/s, 1THash has a 0.32% contribution to the cumulative hashrate of all mining pools, sitting 15th on the pools ranking, per data from BTC Explorer.