24 hours saw mining companies selling bitcoins worth $17.3 million in total, while they mined bitcoins only worth $14.4 million.

The mining companies took advantage of bitcoin bull rally on the market and rushed to sell mined coins, Bloomberg reports citing data from Cryptocomposite. The surge in sales of miners is caused by a sharp increase of the bitcoin price, which gained more than 40% after June low. Bitcoin is traded at apporximately $8,150.

Miners are forced to sell mined coins to cover operating expenses, primarily to pay for consumed electricity, but when the cryptocurrency market sharply dropped, many of them tried to hold mined bitcoins in order not to sell them on the bearish market.

“Historically, many miners didn’t sell 100 percent of their coins, and were waiting for the price to appreciate," Kyle Samani, managing partner at Multicoin Capital Management, said in an email.

The fact that miners sell bitcoins at $8,000 may indicate that they do not expect a rapid further growth of the bitcoin price.

In prior recent days, miners have sold about $10 million worth of inventory, which is less than what they earned daily, according to Charlie Morris from Cryptocomposite.

The income of miners decreased drastically not only because of bitcoin price drop, but also due to a sharp drop of transaction fees in the bitcoin blockchain. In December 2017, fees amounted to $34, while current level is below $1.

According to the analytical company Fundstrat, the mining becomes unprofitable at a rate below $8,038. However, according to the calculations of DMG Blockchain Solutions, the breakeven point of bitcoin mining stands at the level of $2,400.