Reading time: ~2 m
According to the report of the blockchain data provider Glassnode, the highest inflow of assets from Bitcoin (BTC) miners over the past 7 months was recorded and amounted to 9,476 bitcoins over the past day from June 14 to June 15, 2022. This indicator, according to experts, is considered a signal of weakening trading activity and strengthening the bearish trend.
The growth of exchange flows, according to experts, indicates that BTC miners are faced with the problem of profitability of mining virtual coins. Also, according to the reported data, the movement of assets in the flagship cryptocurrency to the accounts of trading platforms exceeded the turnover towards personal wallets. Earlier, representatives of the leading mining pools voiced the threshold of profitability of the price level of bitcoin at $ 21,000. As of June 15, 2022, the BTC market rate dropped to $20,190, which inevitably led to increased activity in selling operations.
The profitability of servicing crypto farms fell by 75% compared to a historical high of $ 68,789 in November 2021. The cost of bitcoin hashing has been falling since October 2021 and, according to information as of the current date, amounted to $ 0.0950 per 1 Terahesh / sec.
The global market picture of the BTC rate has repeatedly demonstrated the change of bullish and bearish rallies. The price correction reached 90% of the peak values, but had never before fallen below the top of the previous cycle. Experts with concern said that the cost of bitcoin at the moment is located in critical proximity to the previous maximum, dated December 2017, at a value of $ 19,783. Breaking through this border will slow down the level of development of the crypto economy, according to rough estimates, by 5-10 years.
Earlier, the editors of Crypto.ru reported that Bank of America expert Jason Kupferberg presented a report of the analytical department. According to the survey, 90% of American respondents want to purchase digital assets.
#Miners #forced #sell #BTC #due #fall #rate