Bitcoin miners are increasing their BTC sales during the price drop.
Broader economic issues, including recession fears and stubborn inflation, have rocked the cryptocurrency market, leading to a sharp decline. Bitcoin has been struggling under these conditions, which in turn has forced miners to sell more BTC to sustain operations. As a result, increased selling pressure from miners has exacerbated market instability. Miner-to-exchange transfers have risen significantly when Bitcoin shorted to $77,000 on Monday, indicating increased selling pressure. Historically, miners tend to unload BTC during declines to cover operating costs, often reinforcing downward momentum.
If this trend continues, it could hinder Bitcoin’s price recovery unless strong buyer demand is met. The report notes that miners act as forced sellers, directly affecting market liquidity. Their increased sales at local bottoms indicate financial pressures likely due to increased operating expenses. If buyers absorb the supply, Bitcoin could stabilize. However, continued selling pressure from miners could lead to further declines. Market participants are closely watching whether demand will balance increased miner unloading. While overall miner sales have increased, that doesn’t necessarily mean all miners are struggling. Some miners, especially those using newer, more efficient rigs, are still making solid profits.
Some Rigs Still Profitable Despite Price Drops
Over the past two weeks, Bitcoin mining difficulty has increased by 3%, while Bitcoin’s price has fallen by more than 11%, which briefly boosted its hash rate to $0.045 per day, its lowest level since November. Despite these headwinds, the latest generation of mining rigs remain profitable, even those with energy efficiency above 20 w/t, such as the S19K Pro and S19 XP.
BTCUSDT.P BTCUSD BTCUSD BTCUSD BTCUSD BTCUSD
Broader economic issues, including recession fears and stubborn inflation, have rocked the cryptocurrency market, leading to a sharp decline. Bitcoin has been struggling under these conditions, which in turn has forced miners to sell more BTC to sustain operations. As a result, increased selling pressure from miners has exacerbated market instability. Miner-to-exchange transfers have risen significantly when Bitcoin shorted to $77,000 on Monday, indicating increased selling pressure. Historically, miners tend to unload BTC during declines to cover operating costs, often reinforcing downward momentum.
If this trend continues, it could hinder Bitcoin’s price recovery unless strong buyer demand is met. The report notes that miners act as forced sellers, directly affecting market liquidity. Their increased sales at local bottoms indicate financial pressures likely due to increased operating expenses. If buyers absorb the supply, Bitcoin could stabilize. However, continued selling pressure from miners could lead to further declines. Market participants are closely watching whether demand will balance increased miner unloading. While overall miner sales have increased, that doesn’t necessarily mean all miners are struggling. Some miners, especially those using newer, more efficient rigs, are still making solid profits.
Some Rigs Still Profitable Despite Price Drops
Over the past two weeks, Bitcoin mining difficulty has increased by 3%, while Bitcoin’s price has fallen by more than 11%, which briefly boosted its hash rate to $0.045 per day, its lowest level since November. Despite these headwinds, the latest generation of mining rigs remain profitable, even those with energy efficiency above 20 w/t, such as the S19K Pro and S19 XP.
BTCUSDT.P BTCUSD BTCUSD BTCUSD BTCUSD BTCUSD 
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.