HODL

Bitcoin

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Bitcoin miners are under increasing financial pressure as market volatility continues to impact the industry. Recent data reveals that nearly 75% of all Bitcoin has remained stationary for over six months, reflecting a strong HODL sentiment among investors. Despite this, Bitcoin miners are experiencing a significant rise in outflows, with a record 19,000 BTC withdrawn on August 5, the largest outflow since March. This surge in outflows coincided with <a href="https://ultramining.com/news/en/impending-bitcoin-halving-may-trigger-major-hashrate-decline-say-experts/" rel="noopener noreferrer nofollow">Bitcoin's price</a> drop to $49,000, its lowest since mid-February, according to <a href="https://coingape.com/markets/bitcoin-miners-face-financial-pressure-amid-rising-outflows-and-market-volatility/" rel="noopener noreferrer nofollow">Coingape</a>.
 
The increased outflows highlight the economic strain on miners, who are likely liquidating assets to cover operational costs as profit margins shrink to 25%, the lowest since January. Furthermore, the Bitcoin network has seen a 10% rise in address activity, although it remains below the peak levels seen when Bitcoin hit $70,000. Despite these challenges, Bitcoin's price is currently hovering around $58,500, with a 1.46% decline in the last 24 hours, while trading volume has surged by 21%, indicating heightened market activity. These developments underscore the ongoing volatility and financial pressures within the cryptocurrency mining sector.

Bitcoin miners face financial strain

Ultramining_Eng

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