Bitcoin miners sold $485 million worth of BTC in a 12-day period ending Aug. 23, causing concern among traders. Miner wallets show consistent reductions, with balances now at 63,736 BTC, valued at over $7.1 billion. Despite profitability concerns, Bitcoin’s network hashrate is near an all-time high at 960 million TH/second.

Miners have been offloading coins at the fastest pace in nine months, with 4,207 BTC sold in the latest sell-off. While smaller compared to corporate allocations, these outflows fuel market speculation. Bitcoin’s hashprice index is currently at 54 PH/second, down from 59 PH/second a month ago, but still profitable for miners.

Bitcoin mining faces competition from AI infrastructure, with TeraWulf striking a $3.2 billion deal with Google. Other miners are also pivoting towards AI, such as Australian firm Iren and Hive, investing in GPU-powered operations. Despite this shift, Bitcoin’s fundamentals remain strong, with network hashrate near an all-time high at 960 million TH/second.

Read more at Cointelegraph: Bitcoin Miner Selling A Risk To The BTC Bull Market?