Bitcoin miners seem to be running down their coin inventory amid the FTX-induced market volatility. Reports godbole17
The sell-off could continue in the days ahead,. That would worsen the situation for miners, who have been facing high operational costs.
"Bitcoin mining companies have struggled this year, with the fall in the price of the largest cryptocurrency and rising energy prices leading to a decline in revenue. As a result of this, mining firms have been heavily selling their underlying holdings, leading to significant net outflows over the last six months," data provider CryptoCompare said in the October review., saying,"bitcoin's electrical cost has just been breached for the 2nd time only in 5 years.
According to Blockware Solutions, a continued BTC price slide toward $15,000, would not necessarily see miners immediately turn of their machines. "Many miners have PPAs [power purchase agreements] and hosting contracts that require them to consume energy or potentially pay an additional fee. Many miners will likely continue mining at a loss in the short term until either the price of BTC goes back up, or they exit their operation altogether," Blockware's latest weekly newsletter said.
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