bitcoin (BTC អ) miners face increasing sell pressure as the flagship digital asset’s value continues to struggle below the $16,000 mark.
Capriole Fund founder Charles Edwards on Nov. 21 said miners were selling at the most aggressive rate in almost seven years, with a 400% increase in selling pressure over the last three weeks. He added that several Bitcoin miners could go out of business if the digital asset’s value does not rise soon.
វាគឺជាការបង្ហូរឈាមរបស់អ្នករុករករ៉ែ Bitcoin ។
អ្នកលក់រ៉ែដ៏កាចសាហាវបំផុតក្នុងរយៈពេលជិត 7 ឆ្នាំឥឡូវនេះ។
ឡើង 400% ត្រឹមតែ 3 សប្តាហ៍!ប្រសិនបើតម្លៃមិនឡើងឆាប់ៗនេះទេ យើងនឹងឃើញអ្នកជីករ៉ែ Bitcoin ជាច្រើនចេញពីអាជីវកម្ម។ pic.twitter.com/4ePh0TIPmZ
- ឆាលស៍អេដវឺដ (@caprioleio) ខែវិច្ឆិកា 21, 2022
Miners face a precarious situation
The current market condition presents a difficult position for miners amid rising energy costs, high mining hashrate and declining BTC value.
According to Coinwarz ទិន្នន័យ, Bitcoin’s mining hashrate currently stands at 243.64 EH/s which is a steep drop from the all-time high of 347.16 EH/s. Despite the drop, it is still relatively high and presents a problem for miners because it affects mining difficulty at 36,762,198,818,467.
Analysts have predicted that the next mining difficulty could be extremely negative as blocks aren’t being found or are being found late due to the high mining difficulty.
Meanwhile, energy costs are rising globally as miners now have to pay more to operate their equipment. របាយការណ៍ revealed that energy costs across Europe nearly doubled compared to a year ago.
# ប៊ីធាក់ អ្នករុករករ៉ែ Hash Price បានធ្លាក់ចុះដល់កម្រិតទាបបំផុតថ្មីនៃ $58.3k ក្នុងមួយ Exahash ក្នុងមួយថ្ងៃ។
ជាមួយ $ BTC ឥឡូវនេះតម្លៃធ្លាក់ចុះជាង 76% ពីកម្រិតកំពូល ឧស្សាហកម្មរុករករ៉ែនៅតែស្ថិតនៅក្រោមសម្ពាធយ៉ាងខ្លាំង។
ផ្ទាំងគ្រប់គ្រងផ្ទាល់៖ https://t.co/64jyX7mRzj pic.twitter.com/z692xIFU7k
- កែវកែវ (@glassnode) ខែវិច្ឆិកា 18, 2022
Glassnode tweeted on Nov. 18 that អ្នកជីករ៉ែ Hash Price plunged to a new all-time low of $58,300 per Exahash daily, confirming the extent of the pressure on the industry.
Mine and Hodl strategy haunts miners
Several BTC miners prefer to mine and hold the digital asset, hoping its value would keep rising. But with Bitcoin trading at a new bear market low of below $16,000, it becomes more difficult for miners to achieve profitability as the asset’s value drops.
Edwards said miners have discovered that:
“Mine-and-hodl is not a viable strategy as a Bitcoin miner. Miners are paying the consequences of the “never selling” arrogance widespread just six months ago.”
Glassnode data shows that the total balance of all crypto miners has dropped to a ten-month low this week. Miners now hold about $30.4 billion, approximately 10% of all Bitcoin.
Meanwhile, IntoTheBlock’s data ការបង្ហាញ that over 50% of Bitcoin holders are losing money on their position for the first time in the last two years.
For the first time since March 2020, over 50% of Bitcoin holders are losing money on their position.
In 2015, the number of holders losing money on their Bitcoin reached 62%. In 2018, it was 55% and we are currently at 52%.#onchain #ការវិភាគ # bccoin # ស៊ីគ្រីប pic.twitter.com/0no8vEFZF0
- IntoTheBlock (@intotheblock) ខែវិច្ឆិកា 21, 2022
Some miners are already going off
Some miners have already begun to feel the pinch and are capitulating already.
Bitcoin miner Iris Energy defaulted on a $108 million debt and will cease operations at two of its facilities. The network felt the impact of the action as Bitsbetrippin tweeted that a large operator powered down its services, resulting in a 15-25% drop in total bitcoin hashrate.
អ្នកណាបិទ # bccoin #btc ការជីកយករ៉ែ។ ប្លុក bitcoin ចុងក្រោយដែលបានរកឃើញជាង 30 នាទីមុន នេះគឺជាការធ្លាក់ចុះ 15-25% នៃ bitcoin hashrate សរុបនៅទូទាំងបណ្តាញ។ នរណាម្នាក់ធំឬច្រើនទើបតែបិទ។ pic.twitter.com/8OWLX7cRa0
— Bitsbetrippin (@BitsBeTrippin) ខែវិច្ឆិកា 21, 2022
The famed host of Coinage, Zack Guzman, also tweeted that an unnamed Bitcoin miner defaulted on rent in Dallas and left all of its equipment behind.
តើការដួលរលំ crypto អាក្រក់ប៉ុណ្ណា?
មិត្តភ័ក្តិម្ចាស់ដីរបស់ខ្ញុំនៅ Dallas ទើបតែសួរខ្ញុំថាតើខ្ញុំដឹងអ្វីអំពីអ្នករុករក bitcoin៖
"ក្រុមហ៊ុនជីកយករ៉ែ bitcoin នេះបានធ្វើឱ្យខូចទ្រង់ទ្រាយ រើចេញ និងទុកឧបករណ៍ទាំងអស់របស់ពួកគេនៅពីក្រោយ។"
អ្នកប្រឆាំងមីនចំនួន 200 នាក់ 🏃🏽♂️💨 pic.twitter.com/qUNStCYT5F
— Zack Guzman (@zGuz) ខែវិច្ឆិកា 21, 2022
Source: https://cryptoslate.com/bitcoin-miners-selling-aggressively-as-crypto-market-continues-to-struggle/