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Buying low then selling high is one of the most fundamental elements of investment advice in the history of financial markets. Bitcoin is now 10 months into its current bear market cycleand many investors and companies that didn’t “sell high” probably regret it.

Miners differ from all other market participants, however, in that they actually always buy (pay electricity to earn more bitcoins) and, depending on their business strategy, always also sell (sell bitcoins for pay capital and operating costs). ).

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