Miner Capitulation Is Putting Pressure On The Bitcoin Price
An excerpt from Bitcoin Magazine's Deep Dive: How Bitcoin miner capitulation is driving the bitcoin price down.The below is an excerpt from a recent edition of the Deep Dive, Bitcoin Magazine's premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.For those that are unfamiliar with how hashrate is calculated: the Bitcoin network targets ten minute block times, and has a difficulty adjustment every 2,016 blocks (about every two weeks). If over a 2,016 block period, blocks are coming in at....
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Miner capitulation is here. Core Scientific talks about potential bankruptcy, highlighting that cash resources will be depleted by the end of the year.
Production costs for miners are around $34,000, and together with transaction fees, miners need not worry about another $40,000 support challenge on BTC/USD. The Bitcoin (BTC) mining business is bigger than ever at current price levels, and new data shows just how unlikely a mass miner sell-off really is.As noted by popular Twitter account @venturefounder on Jan. 14, even at $42,000, the BTC/USD trading pair is around 20% above miners' cost price.Miner capitulation behind "worst" BTC price dipsDespite falling a full $27,000 below all-time highs, BTC is more enticing than ever for miners.....
Every crypto bear market has seen Bitcoin miner operations capitulating to stay financially afloat. This capitulation often marks a bottom for BTC and the crypto market, allowing it to consolidate before breaking into new highs. Related Reading: RockItCoin Buys Toa Bitcoin That Houses Over 50 ATM Machines Across The U.S. However, the current Crypto Winter […]
Analyzing the changes in average hash rate to measure miner capitulation in the bitcoin market can be a market indicator for miner capitulation.
Bitcoin mining profitability is subject to a number of things and recently these factors have been affecting mining profitability, hence putting it under pressure. The amount of money miners are making from carrying out their activities are low, contributed by the growing hashrate, mining difficulty, and last but not least, the price of the digital […]