Cryptocurrency withdrawal comes after Chinese authorities refused to offer subsidized electricity prices
In early September, bitcoin miners began to massively withdraw cryptocurrency on exchanges.
Starting September 1, at least the mining pools Poolin, Antpool and Slush Pool have withdrawn over 3,500 bitcoins worth over $40 million.
The record holder for an abnormally large withdrawal of bitcoins was the oldest mining pool Slush Pool (almost 630 bitcoins were withdrawn per day).
On an equal footing
In general, mining pools almost always sell the mined cryptocurrency in the markets, however, the current withdrawal of cryptocurrencies differs significantly in volume in the daily range.
The sell-off of cryptocurrencies comes a week after cryptocurrency miners in the Inner Mongolia region, China, no longer receive subsidized electricity prices.
BeInCrypto previously reported that the decision to restrict access to subsidized prices seems to be related to the lack of benefits for local authorities.
Local reporter Colin Wu said that the increase in electricity costs for miners could end up by over 33%.
The Chinese mining community is concerned that the restrictions will also extend to Xinjiang, the nearby mountainous region of China.
Meanwhile, the price of bitcoin in the market fell below $11,000.
At the time of this writing, the price of BTC / USDT is $10,842, according to the CoinMarketCap resource.
At the end of August, the BeInCrypto editorial office reported an abnormally high deposit from the bitcoin whale, which brought over 12,700 bitcoins to the Kraken exchange for $150 million.
Such a sharp replenishment of the exchange’s balance turned out to be the largest in the summer of 2020.