Bitcoin Miners in Q2 Sold 660% of What they Sold in Q1 - Report

cryptonews.com:

The second quarter of 2022 was a difficult one for public bitcoin (BTC) miners, as 18 of them sold BTC 21,342, according to a recent report released by crypto consultancy BlocksBridge Consulting.

Per the report, this was 660% of what they sold in the first quarter of this year and about 150% of their production in the April-June 2022 period.

The latest data obtained by the firm suggests that bitcoin production costs, as well as general and interest expenses increased in the second quarter of this year.

According to the consultancy, 

“Q2 numbers from eight public miners who have released full financial statements so far show that their average cots of production, general and interest expenses per each bitcoin mined spiked by 22% in Q2 vs Q1. They represent ~10% of the network hashrate.”

The report recognizes that, on the bright side, almost every public mining company managed to outgrow the network’s hashrate rise in the second quarter, that is, the April-June 2022 period.

“But QoQ [quorter-on-quarter] production growth lagged a lot behind the operating hashrate growth. Why? Not everyone was able to maintain a good uptime,” BlocksBridge said.

According to ByteTree data, miners have spent more of their newly generated BTC, compared to what they’ve held over the past 12 weeks. However, this trend has changed in the past seven days.

Meanwhile, Bitcoin mining difficulty, or the measure of how hard it is to compete for mining rewards, increased on August 18 by 0.77%, currently standing at 28.57 T. This was its third in a series of smaller increases, with the difficulty inching towards its May all-time high of 31.25 T. 

Last week, Bitfinex Analysts said in a comment shared with Cryptonews.com that,

"Bitcoin mining reports indicate that