United

Bitcoin

April

Coin

Bitcoin miners are navigating a critical phase of capitulation, where their profitability is significantly declining amid a widespread sell-off of Bitcoin (BTC). According to a <a href="https://x.com/cryptoquant_com/status/1809259607186976954" rel="noopener noreferrer nofollow">recent analysis</a> on X, CryptoQuant highlighted that the current metrics measuring miner capitulation are approaching levels similar to those seen during the market bottom following the FTX crash in late 2022.&nbsp;
Miner capitulation occurs when mining operations become unprofitable, forcing miners to sell their holdings to cover operational costs. This can create additional downward pressure on Bitcoin’s price, exacerbating the sell-off.&nbsp;
Likewise, the situation indicates that Bitcoin is nearing a bottom, similar to the post-FTX crash scenario. This could signal a buying opportunity for investors, as historical patterns suggest a possible price rebound following miner capitulation. However, the cryptocurrency market remains highly volatile, and such predictions carry inherent risks.
<h2 id="b-bitcoin-records-largest-drop-in-mining-difficulty-b">Bitcoin Records Largest Drop in Mining Difficulty</h2>
As reported in May,<a href="https://thecoinrise.com/bitcoin-records-largest-drop-in-mining-difficulty-since-december-2022/" rel="noopener noreferrer nofollow"> Bitcoin mining difficulty fell by 5.7%</a>, marking the highest negative adjustment since December 2022 when the difficulty fell by 7%. Notably, this recent negative difficulty adjustment is correlated with a 10% decline in Bitcoin’s hash rate since the previous difficulty adjustment on April 24. This is evidenced by a drop from a seven-day moving average of 639.58 EH/s to 578.74 EH/s.&nbsp;&nbsp;
Meanwhile, the average block times increased to 10 minutes and 36 seconds before the adjustment. The dip in hash rate resulted in Bitcoin’s hash price plunging to an all-time low of $50 per PH/s per day ($0.05 per TH/s per day) on April 29, simultaneous with BTC’s price retracement below the $63,000 level.
<h2 id="b-global-bitcoin-network-sees-decline-b">Global Bitcoin Network Sees Decline</h2>
The global <a href="https://thecoinrise.com/what-is-bitcoin-demystifying-the-digital-currency-revolution/" rel="noopener noreferrer nofollow">Bitcoin </a>network experienced a decline recently, with <a href="https://docs.google.com/document/u/0/d/1011icGX8yOVkNq2jgj0p3C5vD1NcpoTG1OKPk_aiJPI/edit" rel="noopener noreferrer nofollow">443 active ATMs switched off</a> within the last 40 days. According to data from Coin ATM Radar, 227 crypto ATMs were removed from the global network, within the past five days. This comes after 107 Bitcoin ATMs were removed from operations in June, ending the <a href="https://thecoinrise.com/market-rebound-crypto-atms-surge-globally/" rel="noopener noreferrer nofollow">10-month trajectory of month-on-month increases</a> in net installation.
Notably, Europe and the United States have played a major role in the global decline of Bitcoin ATMs. The United States lost 182 ATMs in June and 239 ATMs in just the first week of July. Likewise, Europe follows behind with 29 ATMs shut down within the first week of July.
Another factor could also be the recent decline seen in BTC’s price. Within the past week, BTC has declined by 4.84% to trade at $57,934.64 per coin, according to <a href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow">CoinMarketCap’s data.</a>
The post <a href="https://thecoinrise.com/bitcoin-miners-in-critical-phase-amid-profit-slump-and-btc-sell-off/" rel="noopener noreferrer nofollow">Bitcoin Miners In Critical Phase Amid Profit Slump and BTC Sell-off</a> appeared first on <a href="https://thecoinrise.com" rel="noopener noreferrer nofollow">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

Bitcoin Miners In Critical Phase Amid Profit Slump and BTC Sell-off

목차

TheCoinrise Media

2024년 7월 6일에 게재된 다른 기사

ApeBond Announces Expansion to Base: Launching Bonds On-Chain

Shiba Inu’s price volatility – SHIB can hit these levels IF…

Assessing Dogecoin traders’ next steps if memecoin’s price breaks THIS way

100X Potential? – The Best Cheap Altcoin to Invest In

MoonBag Top Crypto Presale Raised $3.2M in a Short Time, Becoming Superior to Dogecoin X Plans an...

July 2024’s Key Crypto Projects

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!