Bitcoin

April

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-miners-slash-withdrawals-by-90" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Miners Slash Withdrawals by 90%</a><br></p>
<p style="text-align: justify">Recent data reveals that <a href="https://en.bitcoinhaber.net/bitcoins-surge-fueled-by-public-mining-firms-and-ordinals-protocol" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> miners have significantly reduced their withdrawal transactions by almost 90% since the halving event in April. CryptoQuant, a blockchain <a href="https://newslinker.co/category/ai/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">data analysis</a> platform, published findings on June 28 indicating decreased selling pressure among miners. The halving event cut the reward per mined block by 50%, compelling miners to adapt to a new economic landscape. This adjustment period has led to a notable decline in mining activity.</p>
<h2 id="how-have-mining-dynamics-shifted">How Have Mining Dynamics Shifted?</h2>
<p style="text-align: justify">Since the halving event, network fundamentals such as the hash rate and mining difficulty have adjusted from their peak levels. CryptoQuant contributor Crypto Dan noted that older mining machines have become less viable, resulting in diminished mining activities and increased over-the-counter (OTC) Bitcoin sales to cover operational costs.</p>
<p style="text-align: justify">The Hash Ribbons data indicates a capitulation among miners, with the 30-day moving average hash rate falling below the 60-day equivalent. Traditionally a bullish signal for Bitcoin <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">investors</a>, Crypto Dan believes this phase is concluding as the market absorbs these sales, reflected in a sharp decline in Bitcoin withdrawals from miners’ wallets.</p>
<h2 id="what-are-experts-saying">What Are Experts Saying?</h2>
<p style="text-align: justify">The reduction in miners’ withdrawals has been substantial, with CryptoQuant data showing a drop from over 53,000 transactions on April 10 to around 8,000 by June 27. This stark reduction underscores the market’s ability to absorb the selling pressure from miners.</p>
<h2 id="key-insights-for-bitcoin-investors">Key Insights for Bitcoin Investors</h2>
<p style="text-align: justify">– Expect potential market stability due to fewer miner sell-offs.</p>
<p style="text-align: justify">– Monitor the hash rate and mining difficulty for future investment signals.</p>
<p style="text-align: justify">– Consider the impact of OTC transactions on market liquidity.</p>
<p style="text-align: justify">As the hash price continues to decline, profit margins for small-scale miners have been squeezed. Figures from Hashrate Index show a significant drop in expected revenue per exahash. Renowned economist Jan Wuestenfeld highlighted that the post-halving market dynamics have pressured less efficient miners, further exacerbated by a concurrent price correction.</p>
<p style="text-align: justify">In conclusion, the halving event has drastically reshaped the Bitcoin mining landscape, reducing miner withdrawals and impacting market liquidity. This adjustment period may offer opportunities for investors attuned to mining activity and network fundamentals.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-miners-slash-withdrawals-by-90" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Miners Slash Withdrawals by 90%</a></h5>

Bitcoin Miners Slash Withdrawals by 90%

Inhoudsopgave

BH NEWS

Andere artikelen gepubliceerd op 28 jun 2024

MoonBag Coin’s 88% APY Staking Captures Investor Attention, Leaving Render and Book of Meme Behind

Keep Up: These 2 Tokens Are Growing Fast 2000x Predicted Gains Brett & Mpeppe (MPEPE)

Bolivia Opens Doors to Cryptocurrency Trading After 4 Years Of Ban

Abey Token Now Trading on BitMart Exchange

Could Liquidity Grab Cause Bitcoin’s Drop Under $60,000 once more?

Samson Mow Doubles Down on His $1 Million Bitcoin (BTC) Prediction

Meld je aan voor onze gratis nieuwsbrief voor dagelijkse crypto-updates!