Poor performance of $BTC could be the result of the massive selling activity of Bitcoin miners
According to Glassnode, the industry remains under"immense financial stress" for the aforementioned reasons. In their study, Glassnode and CryptoSlate found out that miners are distributing around 135% of mined coins.A value above 100% suggests that miners are selling more than they issued recently.
As the data suggests, Bitcoin miners are dipping into their treasuries. By selling their reserves, they are trying to cover rising electricity costs that effectively push the profitability of mining operations down.Unfortunately, the use of reserves is a sign of a deep crisis in the industry. If the bear market gets aggravated and drags on for a few more months, we might see more liquidations in the mining industry.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
New BTC miner capitulation? 5 things to know in Bitcoin this weekBitcoin miners face tough times as BTC price action nurses over 20% losses in November.
Lire la suite »
Bitcoin, Ethereum Technical Analysis: ETH Surges Above $1,200 to Start the Weekend – Market Updates Bitcoin NewsEthereum was back above $1,200 on Saturday, as bullish sentiment returned to cryptocurrency markets to start the weekend.
Lire la suite »
Supply of Tokenized Bitcoin Dropped Significantly Since the Start of the Year – Blockchain Bitcoin NewsThis year, the number of tokenized bitcoins hosted on alternative blockchains like Ethereum and BSC, has dropped a great deal.
Lire la suite »
El Salvador Establishes National Bitcoin Office to Manage 'All Projects Related to the Cryptocurrency' – Bitcoin NewsA report published by Torres Legal details that the government of El Salvador has created a National Bitcoin Office.
Lire la suite »
Bitcoin and Ether Are Not Securities in Belgium, Financial Regulator Clarifies – Regulation Bitcoin NewsCryptocurrencies like bitcoin and ether cannot be classified as securities, according to the financial watchdog in Belgium.
Lire la suite »
Minimax․Finance Announces the Integration of VERSE DEX – Press release Bitcoin NewsPRESS RELEASE. Minimax.Finance integrated the recently launched VERSE DEX to provide the Minimax community with more options for cost-effective swaps on
Lire la suite »