Buy low then sell high is one of the most basic components of investment advice in the history of financial markets. Bitcoin is now 10 months into its current bear market cycle, and plenty of investors and companies that didn’t “sell high” are probably regretting it.

Miners stand apart from all other market participants, however, because they are in effect always buying (paying for electricity to earn more bitcoin) and, depending on their corporate strategy, always selling, too (selling bitcoin to pay for capital expenses and operating costs).

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