Why Bitcoin Miners Keep HODLing Amid Massive Growth
As the bitcoin mining industry has grown by leaps and bounds in 2022, mining operations continue to hold onto their bitcoin for dear life.Bitcoin has traded between $30,000 and $50,000 from the start of 2022 to date. During that time, the mining industry has grown by leaps and bounds, as evidenced by steadily increasing difficulty and well over 200 exahashes (EH) of total computing power. But regardless of price and other metrics, new blocks and their rewards keep coming at a pace of roughly 900 new bitcoin mined per day with the current 6.25 BTC subsidy per block.So, what are miners doing....
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According to a series of mining metrics, not only are miners holding hard but they’re also dramatically increasing their hash rate. Bitcoin (BTC) miners are holding more and more Bitcoin while “relentlessly expanding” their operations in 2022. A report by Arcane Research indicates that publicly listed Bitcoin miners are “constantly looking for expansion opportunities,” as they “plan to increase hashrate faster than the whole network in 2022.” Publicly listed Bitcoin miners projected hashrates. Source: Arcane Research44.95% of the global hash rate derives from North American miners,....
Glassnode data reveals that investors with a long-term risk outlook have started accumulating Bitcoin during its recent downtrend. Bitcoin (BTC) price remained relatively flat over the weekend, inching closer to $34,000 on July 11. Nevertheless, BTC/USD has tumbled by almost 50% from its all-time high, near $65,000 in mid-April. But the massive downside move has not deterred investors from betting on the digital asset's long-term bullish outlook.According to one of the Glassnode metrics, dubbed as Liveliness, the Bitcoin market has been noticing a shift in long-term investors' "macro....
By postponing the sales, Bitmain aims to help miners exiting the industry get better prices for mining equipment. Chinese mining giant Bitmain is reportedly scrambling to respond to market conditions amid a major crackdown on crypto mining activity by local authorities.According to a Wednesday report by Chinese news agency Sina Finance, Bitmain has halted global spot sales for its new Bitcoin (BTC) mining devices in order to avoid losses by customers amid massive selling on the secondary market.By postponing the sales, Bitmain intends to help miners exiting the industry get better prices....
Since the launch of bitcoin, there have been massive gains recorded by those that got in early and held on long enough. The same was the case with Ethereum, whose market cap grew to the hundreds of billions. However, the growth that these digital assets have already seen over the years, it has put a hamper on how much they can still grow over the coming years. This is why investors are looking elsewhere for larger gains. Bitcoin, Ethereum Gains Are Lower Over the last bull market, it became apparent that bitcoin and Ethereum will no longer be able to give the kind of returns that early....
The keyword "bitcoin" has reached the highest level on Google Trends since May 2014, amid the sudden extreme price moves of bitcoin and the decline of trading volume in major bitcoin exchanges including OKCoin, BitFinex and BTCC. Interestingly, the most frequently searched query so far, in 2015 on Google was "mining bitcoin." Over the past few weeks, the spike in the price of bitcoin boosted the mining industry in China and the U. S, as Chinese miners experienced a 30% growth during the BTC price surge. Huobi, one of China's largest bitcoin exchange said in an interview: "The current spike....