Bitcoin miners' capitulation was relatively low in the last 5 years. However, a declining price coupled with growing difficulty and hashrate could result in trouble for Bitcoin.
Rising difficulty and hash rates could add selling pressure on miners.dropped below the $30,000 mark, causing uncertainty in the market. Many speculators believe that if BTC’s price falls further, it could impact various sectors of the crypto industry, especially miners.However, recent data indicated that miner capitulation over the last 5 years has been relatively low.
A shorter miner capitulation suggests that compared to previous years, miners have been relatively resilient and have continued to operate their mining operations despite potential challenges in the Bitcoin mining ecosystem.However, things could get worse for miners in the future, and selling pressure could rise. One of the reasons for the growing selling pressure on Bitcoin would be the rising difficulty for miners.
Miners may face higher operational costs and reduced mining rewards. To cover expenses, some miners might be compelled to sell more of their mined bitcoins. This higher selling activity can lead to increased selling pressure on the market. The cumulative effect of multiple miners selling can contribute to a downward price movement for Bitcoin.Additionally, the rising hashrate could also contribute to a rise in selling pressure for miners.
As the hashrate surges, competition among miners intensifies. To stay competitive, miners invest in more powerful equipment, which creates financial pressure. To cover these costs, miners may need to sell more of their mined coins. This increased selling activity can lead to higher selling pressure on the market.Due to these factors, the revenue generated by miners fell materially. It is yet to be determined whether these miners will capitulate or continue to show faith in BTC.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Cryptos end the week flat as Bitcoin holds support at $29,400Cryptocurrencies ended the week flat as Bitcoin continues to trade near $29,400 while the broader altcoin market has all the hallmarks of consolidation.
Read more »
Bitcoin miners face uncertain future as block space declinesBitcoin miners grapple with block space demand's twist amid thrilling highs and unexpected lows. Fees slide, leaving miners on an adventurous revenue ride.
Read more »
![Bitcoin’s [BTC] short- and long-term holder traits reveal this about its future](https://i.headtopics.com/images/2023/7/29/cryptoamb/bitcoin-s-btc-short-and-long-term-holder-traits-re-bitcoin-s-btc-short-and-long-term-holder-traits-re-1685131786563575808.webp?w=640)
Bitcoin’s [BTC] short- and long-term holder traits reveal this about its futureAn analysis presented by IntoTheBlock indicated that retail pressure was responsible for BTC's inability to move past $30k. However, another cohort of holders could also be the reason for BTC's sideways action of the last few days.
Read more »
Bitcoin, Ethereum volatility plunges to 2-year lowThe two largest cryptos, Bitcoin and Ethereum, have held on to their gains for more than a month since the last meaningful rise in June.
Read more »
Bitcoin: Short-term holders play it safe as positive sentiment declinesAmid the disparity in accumulation trends between Bitcoin's long-term holders and short-term holders, some key momentum indicators hint at a possible price recovery.
Read more »
How Bitcoin became the favorite of futures traders on this derivative exchangeOn CME Group, BTC's futures monthly trading volume closes July at its highest in the last year.
Read more »