Bitcoin

CryptoQuant has reported a significant increase in the activity of mining pools, indicating potential signs of miner capitulation. Analysts have noted that miners have resumed selling their <a href="https://ultramining.com/news/en/rising-mining-difficulty-squeezes-bitcoin-miners-sparks-accumulation-among-whales/">Bitcoin holdings</a>, driven by low mining profitability following the recent halving event, according to <a href="https://coinspot.io/technology/mining/analitiki-crytpoquant-zafiksirovali-priznaki-kapitulyacii-majnerov/">Coinspot</a>. 
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In March 2024, miners were earning an average of $79 million per day. This figure has now plummeted to just $29 million daily. Alongside the decrease in earnings, there has been a notable decline in transaction processing revenues for mining pools. 
The hash rate, which measures the computational power of the Bitcoin network, has seen its most substantial drop since December 2022. This decline is attributed to the shutdown of inefficient mining equipment, further exacerbating the financial pressures on miners. 
The scale of Bitcoin sales by miners has reached its highest level since May 21, 2024, as they seek to liquidate assets in response to the challenging economic conditions. 
In summary, the current landscape for Bitcoin miners is characterized by reduced profitability, a declining hash rate, and increased Bitcoin sales. These factors collectively suggest that the mining sector is experiencing significant stress, potentially leading to further market volatility.

CryptoQuant Reports Significant Miner Capitulation Amid Bitcoin Price Drop

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Alte articole publicate pe 4 iul. 2024

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