HODL

Bitcoin

<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> stagnation troubles miners. Over the last 1.5 months, Bitcoin ranged between $29,000-$31,000. The $30,000 barrier remains unbroken in the past two weeks. This stagnation has led to a hoarding mentality. Consequently, miners hold a high of 1.82 million Bitcoins. 
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 <img src="https://lh5.googleusercontent.com/Bu0PwxcWbWlvoCO5L6uyk917SGqPINFmJH2JP--PJF9Frb3O0Q2H_k_6knwQftwqx_whrFhmAYl1ko1GsFPfLbC1DYAUr0VMA61gB_sRuf1wJHImq6EX6KkBhloHS-ii6TGegZzaTFjZ1Scu3NQnDZA" alt=""> 
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Miners rely on fiat to fund expenses. Yet, Bitcoin's weak performance makes liquidation less appealing. Instead, they might wait for a potential bull run to sell. 
The <a href="https://ultramining.com/news/en/bitcoin-miners-score-big-with-184-million-revenue-amid-brc-20-token-boom-and-ordinals-protocol/" rel="noopener noreferrer nofollow">BRC-20</a> frenzy in May marked a decline. Since then, miner revenue has plummeted. This drop comprises both block subsidies and transaction fees. The price dip deterred Bitcoin users, slashing network traffic and fees. After 2022's harsh crypto winter, this hurts miners even more. 
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 <img src="https://lh5.googleusercontent.com/mtpIgto2v0LaWsiAY1bx3JMQoOnjGa8Y8SfPy_dYgSUkWhYx81weyhvH07qxn_kWCkmdsbW-R1pOjas17kldIihpwJt0nqxWaHPXWL2X0upiCCjgiru32eGujx6zWV9R0_Wr_reA-H02nAeI2WBWYBk" alt=""> 
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Glassnode’s chart shows distressing trends. The 7-day average <a href="https://ultramining.com/news/en/bitcoin-miners-set-for-a-tough-ride-as-2024-halving-nears-jp-morgan/" rel="noopener noreferrer nofollow">hash rate</a> has significantly fallen over a month. This drop suggests less efficient miners might be leaving. As a result, decreased mining incentives could risk blockchain security. 
Currently, Bitcoin trades at $29,032.91, with slight 24-hour gains. 
In summary, as <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> struggles, miners opt to <a href="https://ultramining.com/news/en/bitcoin-miners-showcase-steady-hodl-patterns-marathon-leads-with-full-retention/" rel="noopener noreferrer nofollow">HODL</a>. But the network faces potential threats if trends continue. 
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Bitcoin Miners HODL Amid Price Stagnation

Ultramining_Eng

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