Bitcoin

Polygon

Status

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-price-declines-and-mining-challenges/" data-wpel-link="internal">Bitcoin Price Declines and Mining Challenges</a> 
Bitcoin (BTC) price continues to decline, and since it fell below the $65,000 level, there has been a noticeable drop in the general sentiment around BTC, the undisputed leader of the <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">market</a>. 
<h2 style="text-align: justify" id="current-status-of-miners">Current Status of Miners</h2> 
There is a positive outlook in the BTC mining process. Transaction fees are becoming a more significant part of miner revenues day by day. 
This increase in revenues can be attributed to the decreasing Bitcoin supply due to halving and the rising number of transactions since the beginning of the year. Following <a href="https://newslinker.co" target="_blank" rel="noopener" data-wpel-link="exclude">recent developments</a>, miners are seen to gain more value from transaction fees. 
This change in revenues necessitates adaptation to the evolving ecosystem. They will need to make specific plans regarding the fees, which have become their primary source of income. This situation will push the sector towards more innovation and efficient capital allocation. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-364250" src="https://coin-turk.com/wp-content/uploads/2024/06/btc-maden-5-coin-turk-com.png" alt="" width="824" height="731"> 
<h2 style="text-align: justify" id="decline-in-bitcoin-activities">Decline in Bitcoin Activities</h2> 
However, the current activities on the Bitcoin network could lead to problems for miners in the future. Analyzing the data provided by Santiment, it was observed that the daily active addresses conducting transactions on the Bitcoin network have significantly decreased over the past few months. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-364251" src="https://coin-turk.com/wp-content/uploads/2024/06/btc-maden-4-coin-turk-com.png" alt="" width="880" height="297"> 
If the declines in the network continue, it would not be wrong to say that miners’ earnings from this process could decrease. Moreover, the NFT volumes that marked the past months on the Bitcoin network have also visibly declined. 
Recently, Bitcoin has relinquished its top spot in NFT sales back to <a href="https://en.coin-turk.com/ethereum-etf-awaits-sec-approval-as-grayscale-pushes-forward/" data-wpel-link="internal">Ethereum</a>. At the time of writing, Bitcoin has fallen to third place in the NFT sales process, with Polygon surpassing Bitcoin as another network. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-364252" src="https://coin-turk.com/wp-content/uploads/2024/06/btc-maden-3-coin-turk-com.png" alt="" width="876" height="241"> 
Bitcoin ecosystem’s declining interest has also led to a drop in miner revenues. In recent weeks, there has been a noticeable decline in daily miner revenues, falling from $50 million to $30 million. 
<img loading="lazy" decoding="async" loading="lazy" class="aligncenter size-full wp-image-364253" src="https://coin-turk.com/wp-content/uploads/2024/06/btc-maden-2-coin-turk-com.png" alt="" width="830" height="465"> 
If this decline in miner revenues continues, the mentioned group of miners may need to sell BTC to maintain their profitability. Consequently, a potential selling pressure on BTC could lead to further price drops. 
At the time of writing, BTC was trading at $64,358, with no noticeable price movement in the last 24 hours. 
<img loading="lazy" decoding="async" loading="lazy" class="size-full wp-image-364254 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/06/btc-maden-coin-turk-com.png" alt="" width="873" height="292"> 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-price-declines-and-mining-challenges/" data-wpel-link="internal">Bitcoin Price Declines and Mining Challenges</a></h5>

Bitcoin Price Declines and Mining Challenges

Table of Contents

COINTURK NEWS

Other articles published on Jun 23, 2024

Hong Kong Seeks Global Input on Web3 and Virtual Asset Policies

Bitcoin to $60,000 again? Here’s why traders should BTFD if it happens

4 Cryptos That Will Change the Way You Think About Money

Bitcoin Price Faces Challenges Amid Market Uncertainty

Bitcoin Price Eyes $70000 Rebound As On-Chain Metric Hints End of Correction

Bitcoin Price Could Reach $100,000

Join our free newsletter for daily crypto updates!