Worried Bitcoin miners might add to a BTC price dip? Not above $34,000, data suggests.
Those concerned that a fresh BTC price dip could pressure miners into selling, meanwhile, received fresh assurances via data covering how much BTC/USD should trade at for them to break even.
Referencing the BTC production cost indicator from Charles Edwards, CEO of asset manager Capriole, venturefounder revealed that the breakeven point currently stands at $34,000. "The worst dumps Bitcoin ever had were due to miners capitulation , when BTC fell below production costs, it is at risk for miner capitulation," he added in comments.
"BTC was at risk for miner capitulation at $30k in May. The current production cost is $34k, 20% below current price."As such, there is no reason for miners to sell thanks to the profitability — as well as future perspective — of their operations.about his indicator from 2019, Edwards additionally noted that transaction fees awarded to miners give them an additional cushion against spot price incursions below production cost.
"Historically, the electrical cost to produce a Bitcoin has represented a price floor in the Bitcoin market price," another insight reads.As Cointelegraph reported, miners are indeed voting with their wallets as BTC consolidates below $50,000.
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