Bitcoin: Can miners survive this double-edged battle?

Bitcoin: Can miners survive this double-edged battle?


Bitcoin [BTC] Miners have faced harsh realities lately. The worst part is that it doesn’t seem to get any easier because these difficulties seem too strong to be dealt with.

according to CryptoQuantBTC Miners They faced the obstacle of not selling their possessions for crumbs. However, the declining state of the bitcoin hash price has left most miners with no choice but to succumb to selling pressure.

The hash price, the market value of each hash capacity, is the same as that used as income for these miners. Unfortunately, CryptoQuant notes that revenue is near the lowest point on record.

Oh! Save the kings

Based on the report, more than 5,000 BTC moved from mining pools to exchanges this week. All of this happened before BTC dropped below $19,000. Despite the recovery in trading above $20,000, CryptoQuant indicated that selling pressure could rise sharply in the coming days. With this situation, it might be possible for miners to follow a similar procedure that led to this Sell Most of their rewards are in June.

While evaluating the opinion of the analytical platform, the metrics of the miners confirmed that they are correct. According to data from the same platform, the flow of miners has increased by 2.22% in the past 24 hours.

However, the exit from the mining pool did not start as of September 8. According to CryptoQuant, the average influx of miners has begun increasing On the 6th of September.

As of the start date, it was 4.41. At the time of publication, it has risen to 10.37.

Source: CryptoQuant

In addition, a look at Glassnode show up The miners haven’t been making big profits lately. As such, making such a decision to continue selling was almost inevitable. Miners’ earnings, which were 1,060 BTC as of September 4, are down to 80.85 at the time of writing.

Source: Glassnode

However, the CryptoQuant report did not mention miners as the only ones guilty of the sale. BTC whales are also pumping their holdings into exchanges in an effort to sell. Just like the miners, there was the potential for the trend to continue.

be cerfull

Interestingly enough, bitcoin miners don’t have just one headache to treat. This is because miners in the United States have been issued a stricter warning. According to the report from the White House, miners may need to find a permanent solution to their energy consumption or risk facing a ban.

The decision was probably expected, especially since crypto mining activities were a plus in the country. However, finding a way to ensure that the proposed green energy for mining resolves the conflict may be the most important concern for miners.



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