Bitcoin

<h2 id="quick-take">Quick Take</h2>
<ul>
<li>Between the months of November 2022 and January, Bitcoin fell below $20k.</li>
<li>According to the Difficulty regression model (The all-in cost to mine 1 Bitcoin), it was an unprofitable time for miners.</li>
<li>Miners were distributing coins in excess of the mined supply, with Values &gt; 100%, and depleting treasury reserves.</li>
<li>Now, the miner supply spent indicates value = 100%; in the aggregate, a volume of coins equal to the total mined supply was spent. This is supported by the miner balance which is flat year-to-date.</li>
<li>In Tuur Demeester&#8217;s <a href="https://twitter.com/TuurDemeester/status/1650881929535684617?s=20">latest report</a>, CryptoSlate agrees that miner capitulation was last year, and miners are much stronger from a debt position point of view (See extract below).</li>
</ul>
<figure id="attachment_321044" aria-describedby="caption-attachment-321044" style="width: 1259px" class="wp-caption aligncenter"><img class="wp-image-321044 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/04/Supply-1.png" alt="Difficulty Regression Model: (Source: Glassnode)" width="1259" height="701" srcset="https://cryptoslate.com/wp-content/uploads/2023/04/Supply-1.png 1259w, https://cryptoslate.com/wp-content/uploads/2023/04/Supply-1-300x167.png 300w, https://cryptoslate.com/wp-content/uploads/2023/04/Supply-1-1024x570.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/04/Supply-1-768x428.png 768w" sizes="(max-width: 1259px) 100vw, 1259px" /><figcaption id="caption-attachment-321044" class="wp-caption-text">Difficulty Regression Model: (Source: Glassnode)</figcaption></figure>
<figure id="attachment_321045" aria-describedby="caption-attachment-321045" style="width: 627px" class="wp-caption aligncenter"><img class="wp-image-321045 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/04/supply-2.png" alt="Tuur Demeester's: (Source: Adamant)" width="627" height="146" srcset="https://cryptoslate.com/wp-content/uploads/2023/04/supply-2.png 627w, https://cryptoslate.com/wp-content/uploads/2023/04/supply-2-300x70.png 300w" sizes="(max-width: 627px) 100vw, 627px" /><figcaption id="caption-attachment-321045" class="wp-caption-text">Tuur Demeester&#8217;s: (Source: Adamant)</figcaption></figure>
<figure id="attachment_321046" aria-describedby="caption-attachment-321046" style="width: 1259px" class="wp-caption aligncenter"><img class="wp-image-321046 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/04/supply-3.png" alt="Miner Wallet: (Source: Glassnode)" width="1259" height="700" srcset="https://cryptoslate.com/wp-content/uploads/2023/04/supply-3.png 1259w, https://cryptoslate.com/wp-content/uploads/2023/04/supply-3-300x167.png 300w, https://cryptoslate.com/wp-content/uploads/2023/04/supply-3-1024x569.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/04/supply-3-768x427.png 768w" sizes="(max-width: 1259px) 100vw, 1259px" /><figcaption id="caption-attachment-321046" class="wp-caption-text">Miner Wallet: (Source: Glassnode)</figcaption></figure>
<figure id="attachment_321047" aria-describedby="caption-attachment-321047" style="width: 1261px" class="wp-caption aligncenter"><img class="wp-image-321047 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/04/Supply.png" alt="Miner Wallet Spent: (Source: Glassnode)" width="1261" height="707" srcset="https://cryptoslate.com/wp-content/uploads/2023/04/Supply.png 1261w, https://cryptoslate.com/wp-content/uploads/2023/04/Supply-300x168.png 300w, https://cryptoslate.com/wp-content/uploads/2023/04/Supply-1024x574.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/04/Supply-768x431.png 768w" sizes="(max-width: 1261px) 100vw, 1261px" /><figcaption id="caption-attachment-321047" class="wp-caption-text">Miner Wallet Spent: (Source: Glassnode)</figcaption></figure>
The post <a rel="nofollow" href="https://cryptoslate.com/insights/why-the-bitcoin-miner-capitulation-was-in-2022/">Why the Bitcoin miner capitulation was in 2022</a> appeared first on <a rel="nofollow" href="https://cryptoslate.com">CryptoSlate</a>.

Why the Bitcoin miner capitulation was in 2022

Table of Contents

CryptoSlate

Outros artigos publicados em 27 de abr. de 2023

GALA (GALA) price down by 90%; Uwerx (WERX) price prediction positive with 50X gains

FCA Executive Director Calls for Cooperation on Crypto Regulations in the UK

Hong Kong SFC Will Issue Crypto License Guidelines in May

NODO Grants offer a lifeline to struggling African web3 startups.

Binance U.S Allows Users to Create Domains as Digital Identities

Visa Has Ambitious Crypto Plans, Crypto Daily TV 27/4/2023 $USDC

Join our free newsletter for daily crypto updates!