Mining companies in need of liquidity in the third quarter may continue to exert downward pressure on the prices of the first cryptocurrency. Bloomberg writes that JPMorgan strategist Nikolaos Panigirtzoglou came to this conclusion.

According to the expert’s calculations, the share of public mining companies accounts for about 20% of the hash rate. Many sold bitcoin to cover business expenses and service loans. The strategist acknowledged that private miners are taking similar steps, given the more limited access to capital.

“Unloading will continue until the third quarter if production profitability does not improve. This has already manifested itself in May and June. There is a risk that the process will continue, He wrote.

According to Panigirzoğlu, the cost of mining 1 BTC, which was between $18,000 and $20,000 at the beginning of the year, dropped to ~$15,000 in June due to the launch of more energy efficient equipment.

Recall that Arcane Research analysts have calculated that cash flow from bitcoin mining has decreased by 80% compared to the peak in November 2021, from levels two years ago. Specifically, the old Antminer S9 is already running at a loss.

According to experts, for the first time in May, public mining companies sold all bitcoins mined in a month. Typically, the share of coins sold ranged from 25% to 40%.

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