According to estimates published by MineBest Executive Director Eyal Avramowicz, about 30,000 bitcoins are sold monthly to cover the costs of energy used to mine BTC. Avramovich made respect during the WDMS 2019 event, organized by Bitmain.
According to the miner, Bitcoin mining plants must pay for consumed electricity, and suppliers generally do not accept cryptocurrency as a form of payment, forcing miners to sell their cryptocurrency in exchange for the FIAT currency.
"This is called sales pressure. There is currently a sales pressure of 30,000 Bitcoins, "he said.
On average, around 1,800 Bitcoins are mined daily, which gives a total of 54,000 BTC per month, which means that "according to Avramowicz's accounts, around 24,000 Bitcoins per month for miners.
However, according to him, this does not stop Bitcoin from reaching new investors, but "centralization" in several directions and speculation alone. The businessman added that:
"Other challenges that are seen in Bitcoins and cryptocurrencies in general are that they are mainly used in speculation. The creators of cryptocurrency wanted payment and storage systems. However, speculation led to instability. In the future, the reserve of value should become the object of attention.
Fair distribution is also a problem. Currently, less than 0.06% of Bitcoin wallets receive 61% of Bitcoin. This is due to the fact that the initial developers have extracted 60% of Bitcoin, which makes it difficult for new investors to participate. "
According to Cointelegraph, Murad Mahmudov, former Goldman Sachs and maximum Bitcoin (BTC) analyst, believes that the largest cryptocurrency on the market will reach $ 100,000.