By the Numbers: The Signs Bitcoin Miners Are Done Selling
Selling pressure had been mounting on public bitcoin miners over the last couple of months. This was a direct result of the decline in the price of the digital asset, which saw the cash flow for bitcoin miners plummet significantly. It came out to an over 60% decline in profitability, and given that miners continue […]
Related News
Data shows Bitcoin miners have been selling in recent weeks as their revenues have come under stress due to the struggling price of the crypto. Bitcoin Miners Are Currently Selling An Average Of 3.3k BTC Per Month As per the latest weekly report from Glassnode, miners had been accumulating during the initial drawdown from the […]
It’s time for another edition of “By The Numbers.” This time, we’ll use a pseudonymous analyst’s numbers to find out if Tesla is in the red when it comes to their Bitcoin holdings. The caveat here is, if bitcoin’s price loses the $30K level, could Tesla’s board pressure Elon Musk into selling? And if they […]
Bitcoin miners have borne the brunt of the bear trend since it began. They watched cash flow plummet on their machines, forcing them to look to other ways to finance their operations. The natural response to this was for public miners to dip into their bitcoin reserves and begin selling off BTC to keep their operations going. For a time, it seemed miners would stop selling due to the recovery in price, but this is proving not to be the case. Miners Offload More BTC Bitcoin miners had sold off more bitcoin than they had mined for the first time in May. The same trend then continued into....
Bitcoin miners are selling at a level unseen since July 2019 when BTC price topped out at $14,000. According to data from CryptoQuant, miners appear to be selling large amounts of Bitcoin (BTC). Historically, heightened selling pressure from miners marked a local top and led to sharp, prolonged corrections.BTC/USDT 1-hour chart. Source: TradingView.comWhy are Bitcoin miners selling?In May 2020, on-chain analyst Willy Woo said that there would be two sources of unmatched selling pressure in the market after the block reward halving. Woo pinpointed Bitcoin miners and cryptocurrency exchanges....
The average amount of Bitcoin miners are selling continues to decrease gradually. Bitcoin (BTC) mining difficulty is set to rise by roughly 11% on Jan. 9, according to data from BTC.com. This marks the biggest increase in nearly four months that will put the metric over 20 trillion for the first time ever. "Hashrate is on a tear!" commented popular pseudonymous Bitcoin trader hodlonaut three days ago. "When difficulty readjusts in 3 days, it will crush through 20T for the first time in Bitcoin history."Bitcoin network difficulty reaches 20 trillion The network difficulty is a relative....