Bitcoin [BTC] Miners have been facing harsh realities lately. The worst part is that it doesn’t seem to get any easier as these difficulties seem too difficult to handle.
According to cryptoquantificationBTC miners they have faced the obstacle of not selling their properties for scraps. However, the declining state of the Bitcoin hash price has left most miners with no choice but to succumb to selling pressure.
The hashprice, the market value per hash capacity, is the same that serves as income for these miners. Unfortunately, CryptoQuant noted that revenue was close to the lowest point on record.
Oh! save the kings
According to the report, more than 5,000 BTC moved from mining pools to exchanges this week. All of this happened before BTC dipped below $19,000. Despite the recovery in trading above $20,000, CryptoQuant noted that selling pressure may spike in the coming days. With this situation, it could be possible that the miners could follow a similar action that led to sale most of your rewards in June.
When evaluating the opinion of the analytical platform, the metrics of the miners confirmed that it was true. According to data from the same platform, the output of miners had increased by 2.22% in the last 24 hours.
However, the output of the mining pool did not start from September 8. According to CryptoQuant, the average output of miners began growing on September 6.
As of the start date, it was 4.41. At press time, it had risen to 10.37.
Also, a look at Glassnode He showed that miners have not been so profitable lately. As such, making such a decision to continue selling was almost inevitable. Miner revenue, which was 1,060 BTC as of September 4, had fallen to 80.85 at the time of writing.
However, CryptoQuant’s report did not point to miners as the only culprits in selling. BTC whales have also been pumping their holdings into exchanges in an attempt to sell. Like the miners, there was the possibility of a continuing trend.
Interestingly, BTC miners do not have a single headache to cure. This is because miners in the United States have been issued a severe caveat. According to the White House report, miners may need to find a lasting solution to energy consumption or risk facing a ban.
The decision may have been expected, especially as crypto mining activities had raised in the country. However, finding a means to ensure that the proposed green energy for mining resolves the dispute may be the most critical concern for miners.