Due to a high cash flow, these miners could afford to hold on to a good portion of their rewards while being able to still carry out their operations.
With the turn of the market and bitcoin now trading below $29,000, it has become harder for miners to hold on to these coins without compromising their ability to fund their operations.
However, it seems the day of reckoning is fast approaching and even large companies will have to get rid of some of their BTC.
Riot had reportedly sold about $10 million worth of Bitcoin back in April which came out to a total of 250 BTC.
Bitcoin mining remains profitable but with the price more than 50% down from its all-time high, the profitability has declined by a significant margin.
It is a result of the average transaction value and daily transactions being down over the past week.
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