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A large volume of cryptocurrency in the BTC network was removed from the wallet of an unknown mining pool. The transactions were mentioned by the CEO of CryptoQuant crypto service Ki Young Ju.
Significant outflows from the unknown miner before the dip. They're CAPITULATING.https://t.co/WVdBy1t17E pic.twitter.com/1LQeLYpY6X
— Ki Young Ju (@ki_young_ju) June 2, 2020
The specialist wrote about this in his microblog. In his opinion, what happened is the capitulation of Bitcoin miners. At the same time, he notes that pools tend to transfer funds to crypto exchanges in another tweet.
According to some reports, the withdrawal of BTC was initiated by the Chinese mining pool Lubian.
They are not unknown. This is them: https://t.co/BAFuKjNupk
You can check blocks mined here: https://t.co/xnYUfhQvtx
BTW if you count by blocks mined over last week, they are ranked #10, not 5th. pic.twitter.com/8UpQocjNMK
— Thomas Heller (@thomasheller_) June 2, 2020
Recall that many participants in the crypto community predicted the capitulation of Bitcoin miners amid a halving. That time the reward for BTC block has decreased from 12,5 BTC to 6,25 BTC. The predictions turn out to be true. Against the backdrop of Bitcoin halving, a decrease in the cryptocurrency hash rate was recorded on the network.
At the press time, the indicator pushed off from the local minimum and returned to the values of the end of April 2020.
Source: Bitinfocharts.com
Recall that two-thirds of the BTC hash rate is provided by Chinese miners. At the same time, Chinese cryptocurrency miners are working under local authorities’ pressure. According to experts, obstruction of the activity of Chinese miners by the government may lead to a loss of 10% of the Bitcoin hash rate.
At the same time, most of the altcoin miners are concentrated outside China, in North America and Europe. As a result, the distribution of the hash rate among the leading mining pools largely depends on the current structure of the hardware market. Players from Canada, the USA, China, Russia, and Northern Europe appear most commonly on the cryptocurrency mining market.
Also, cloud mining gains popularity. This market is at an early stage of development and is predominantly represented by nine cryptocurrency mining platforms. Chinese companies play a significant role here, but there are good prospects for the internationalization of the market.
Another Large Bitcoin Transactions
The withdrawal funds from the mining pool wallet is not the only transaction that participants of the crypto community are actively discussing. Against the backdrop of the drop in Bitcoin exchange rates, several large transfers were also recorded on the network at once. According to the analytical service WhaleAlert blog post, an unknown user transferred 14,722 BTC from one wallet to another a few hours ago.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 14,722 #BTC (139,619,697 USD) transferred from unknown wallet to unknown wallet
Tx: https://t.co/X6GyoIAGJP
— Whale Alert (@whale_alert) June 2, 2020
Large transactions were also recorded on networks of other cryptocurrencies, including Ethereum. Recall that yesterday the first cryptocurrency rate was at the level of $ 10,103. However, today the TOP-10 cryptocurrencies from the CoinMarketCap website began to decline in price. At the press time, the first cryptocurrency is trading at $ 9,608.