Data shows Bitcoin miners offloading their BTC holdings, right as the network’s hashrate and difficulty makes new highs.
The heat waves could worsen in 2023, leading to a downturn in the network’s mining hash rate.Identifying miners’ stress levels
Currently, the cost of producing Bitcoin for the existing mining hardware lies between $35,532 and $21,244. With Bitcoin’s priceHowever, if the situation worsens over the summer and the mining cost increases without a proportionate increase in the BTC price, the industry could fall back into capitulation mode, marked by accelerated BTC selling and a reduced network hash rate.
It remains to be seen how far the sell-off extends and whether or not Bitcoin Ordinals activity comes back in the meantime. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bitcoin (BTC) Short-Term Holders Not Willing to Cash Out Amid SEC FUD: DataBitcoin short-term holders seem unwilling to cash out amid the SEC FUD. Does this mean $BTC still has room to grow? Read more here -
Read more »
Bitcoin Eyes Bullish Scenario as Thousands of BTC Acquired by WhalesBitcoin whales scoop up thousands of BTC amid price drop: Epic rebound ahead? bitcoin btc bitcoinbtc bitcoinnews whalealert $btc
Read more »
Binance Coin (BNB) Dumps to 6-Month Low, Bitcoin (BTC) Fails at $26K (Market Watch)BNB took another hit in the past 24 hours that brought it south to just over $220.
Read more »
BTC Prague 2023: ‘Anyone can produce value in the Bitcoin ecosystem’The importance of community in the crypto space has been a major component of industry resilience and von Lare says with Bitcoin in particular every individual has value.
Read more »
BTC, ETH, XRP, BNB, ADA, MATIC and SOL Price Analysis for June 12Which coins can rise against the ongoing market fall? XrpYoyo ANT159694954 nuonrg WillyWonkaXRP RippleXrpie crypto Ethereum ETH $ETH cryptoexchange VitalikButerin ethereum Dave_Jonez_02 BNB Pain_Alive_BNB Binance_DEX
Read more »
Security Agency Detains Nigeria's Suspended Anti-Bitcoin Central Bank Governor – Africa Bitcoin NewsThe suspension is expected to pave the way for further investigations into Godwin Emefiele's conduct throughout his tenure as head of the Central Bank of Nigeria (CBN). cenbank forex
Read more »