Crypto

Bitcoin: Can Miners Survive This Double-Edged Sword? – ZoneSofia

bitcoin [BTC] Recently, miners have faced a harsh reality. Worst of all, the situation is not improving because these difficulties seem too strong to deal with.

According CryptoQuantumBTC minors faced with the difficulty of not selling their possessions for crumbs. However, the fall in the Bitcoin hash price has left most miners with no choice but to succumb to selling pressure.

The price of hashing, the market value of hash power, is what serves as revenue for these miners. Unfortunately, CryptoQuant noted that profits approached their lowest point on record.

Ouch ! save the kings

Over 5,000 BTC moved from mining pools to exchanges this week, according to the report. All of this happened before BTC dropped below $19,000. Despite the resumption of trading above $20,000, CryptoQuant indicated that selling pressure could increase dramatically in the coming days. In this situation, it is quite possible that minors will commit an act similar to the one that led to … Sale most of their awards in June.

Evaluating the opinion of the analytical platform, the measurements of the miners confirmed its truth. Miner churn has increased by 2.22% over the past 24 hours, according to the same platform.

However, the exit from the mining pool did not begin until September 8th. According to CryptoQuant, the average output of the miner has begun increase 6 September.

On the day of the start it was 4.41. At the time of publication, it has risen to 10.37.

Also, have a look at Glassnode showed that miners have not been very profitable lately. Thus, making such a decision to continue selling was almost inevitable. Miner earnings, which stood at 1,060 BTC on September 4, have dropped to 80.85 at the time of writing.

However, the CryptoQuant report does not point to miners as the sole culprits in the sale. BTC whales have also been pumping their holdings on exchanges in an attempt to sell. As in the case of the miners, there was a possibility of a continuation of the trend.

Keep in mind

Interestingly, BTC miners have more than one headache to cure. Indeed, miners in the United States have received a serious warning. Warning. According to the White House report, miners may have to find a sustainable solution to the power consumption problem or risk being banned.

The decision may have been expected, especially since the cryptocurrency mining activity was… increase in the country. However, finding a way to ensure that the proposed green energy for mining will resolve the dispute is perhaps the most important task for miners.

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