F2Pool’s report on June 2022 BTC mining results indicated that the bulk of Bitcoin mining businesses, such as Core Scientific, have lately decided to sell their self-mined bitcoins.

In June, Bitfarms, a prominent Canadian BTC mining corporation, sold 3,000 bitcoins, or nearly half of its total BTC investment, for $62 million to decrease its credit facility.

“I have studied almost 10 publicly traded industrial miners and found that they are all very honestly telling everyone that they are selling self-mined Bitcoins,” F2Pool’s director of global business development Lisa Liu wrote in the report.

She also stated that the funds will be utilized to support operational expenditures, increase capital, and decrease liabilities under equipment and facility loan agreements.

According to Liu, only a few publicly listed industrial miners have said that they would maintain their long-standing HODL approach. Marathon, Hut 8, and Hive Blockchain Technologies were among them.

“In particular, Hive surprisingly does not have significant debt, nor does it have equipment financing for ASIC and GPU equipment,” she added.

The CEO also stated that the cost of application-specific integrated circuit (ASIC) miners has plummeted dramatically in recent months.

Top and mid-tier ASIC miners’ prices had allegedly fallen by 70% from their all-time highs in the $10,000-$18,000 range by early June.

At the time of writing, Bitmain’s flagship miner, the Antminer S19 Pro, was retailing for $4,000-$7,000 on Amazon.

A brand new smartphone appears to still cost more than $11,000. According to Liu,

“I think ASIC prices will continue to plummet, although they have already dropped rapidly since reaching their peak.”

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If equipment owners cannot secure power and capacity at a competitive price level, a lot of newbies who hopped on the hash train last year are likely to be thrown off.”

Liu stressed that such a situation would be the “worst-case scenario,” as F2Pool wishes to see “every miner go through this cold winter.”

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Bitcoin mining income had decreased roughly 80% in the 9 months as of mid-July, after reaching an all-time high of $74.4 million in October 2021.

The steep reduction resulted in a large drop in the price of graphics processing units, which became more accessible following the global pandemic-caused semiconductor shortage.