BTC miners have been experiencing an uptrend in hashrate and difficulty with the revenue not corresponding BTC price will not be impacted by miners sell-off, should it ever occur. Over the last few days, Bitcoin [BTC] holders have been worried about the coin’s price declining further due to miners selling their holdings. How much of […]
rose to around $18,000 on 13 December, raising hopes for where the price may go by the end of 2022. However, following the release of theAccording to the location of the Relative Strength Index metric on the TradingView daily timeframe chart, BTC was in a negative trend. As of the time of this writing, the RSI was below the 50 line.
The indicator was high even though it decreased at the time of writing, sitting around 34k. Additionally, an analysis of the total hashrate statisticThe profitability of mining had been trending in the other direction over the months, despite increases in hashrate and network difficulties. The statistic revealed that miners’ revenue has been dropping in recent months. The income was about $44,000 as of January.
However, as of the most recent data, the revenue had dropped to about $16, making it less viable to resolve blocks and generate BTCs. The revenue decreased further due to Bitcoin’s ongoing decline, which has led to miners’ fears of a sell-off. But what impact could their sell-off have on the market?Looking at the volume may help determine the effect that a selloff may have on BTC. At the time of writing, miners held over 16,000 BTC, worth about $1.8 million, according to data from CryptoQuant.
A chart observation also revealed that the reserve had decreased over time, which is understandable considering the reduction in the price of BTC.that there were currently approximately 19.2 million Bitcoins in circulation, which, at the current price, would be worth almost $300 billion. Therefore, if there is a sell-off of miners, the impact will be negligible, if any.
A further reduction in the price of BTC could be a possibility because, historically, equities and cryptocurrencies usually decline during this market period. This fall won’t be caused by a sell-off among miners, though.An analysis of BTC’s profitability for investors who held it over the previous 365 days revealed that they were holding at a loss. The Market Value to Realized Value Ratio revealed that holders have been holding at a loss of over 32% over the previous 365 days.
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.
Bitcoin: Why good things may not come to all who wait especially as BTC hits…Updated on-chain information showed that BTC holders in the last five years had plunged into losses Still, the Bitcoin state reflected an undervalued position Over the last decade, Bitcoin [BTC] stayed put as one of the most profitable assets to hold despite a series of price plunges. Albeit, it may not be the case anymore […]
Read more »
What mortgage brokers are seeing following Bank of Canada’s final 2022 hike - BNN BloombergFollowing this months interest rate hike from the Bank of Canada, some mortgage brokers say variable rate products are still popular despite the risk of further increases.
Read more »
Where to watch the FIFA World Cup 2022 final in Burnaby and New WestThe last men standing: Argentina to face France in the final match of FIFA World Cup 2022.
Read more »
Power Play's picks for the five power players of 2022The 2022 political year saw federal leaders grapple with both unprecedented protests at home and how to respond to wartime needs abroad. It also saw some top politicians take on new positions of power, while Indigenous leaders took their calls for accountability directly to the Vatican. Here are CTV News Channel Power Play's picks for the top five political power players of the year.
Read more »