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Bitcoin Miners Dump Their BTC Holdings En Masse As Mining Profitability Hits ‘Critical Low’
According to on-chain crypto-data firm Arcane Research, a huge number of bitcoin miners have been forced to liquidate their holdings in the $20,000 range as Bitcoin’s price risks plunging further.
Amb bitcoin’s price tapping an all-time high of $68,789 in November, la rendibilitat de la mineria es va disparar attracting massive investments in new production capacity. As a result of the record-high competition in the mining industry, on June 14, Bitcoin’s hash rate reached an all-time high of 231 EH/s further pushing mining profitability to levels last seen in 2020.
“At $40 per MWh, the energy-efficient Antminer S19 currently yields a cash flow per bitcoin of $13k, corresponding to an 80% decline from the November 2021 peak. The Antminer S9, our proxy for old generation machines, is now cash-flow negative.” Arcane Research va escriure dimarts
Tot i que les empreses mineres públiques tenen un formidable cofre de subministrament d'energia de guerra per mantenir en funcionament les seves plataformes mineres, s'han vist obligades a vendre algunes de les seves participacions per compensar passius com ara finançament i salaris del personal, així com mantenir equilibrats els seus fluxos d'efectiu. Segons les dades de la cadena, els miners van vendre el 100% de la seva producció al maig, un augment massiu respecte a les vendes habituals del 25-40% observades des del febrer.
Although public miners only contribute around 20% of Bitcoin’s global hash rate, their behavior can help one understand the general market sentiment. The miner category cumulatively holds about 800,000 bitcoin with public miners owning over 46,000 coins. If this clique decided to sell its holdings, it could trigger a further venda a tot el mercat, empitjorant la ja dolorosa situació.
That said, Arcane Research sees the ongoing sell-off by miners triggering a further plunge in Bitcoin’s price. Moreover, the firm sees BTC following a path similar to that of 2013 and 2017 where BTC shed 85% and 84% respectively. Currently, BTC is down 70% from its all-time high – an 85% drop would place it in the $10k range.
"Si bitcoin follows the blueprint of these cycles, a bottom should occur sometime in late Q4 2022, at a price as low as $10,350.” Arcane va dir.
No obstant això, tot i que la venda en curs és dolorosa, Arcane Research creu que els HODLers poden resistir aquest cicle, ja que la seva fe s'ha provat molt més durament el 2013 i el 2017. A més, "els que han mantingut aquestes tempestes d'ós saben que el dolor i l'agonia són el preu que paguen per l'asimetria a l'alça", va afegir.
A l’hora d’escriure, Bitcoin is trading at $20,327 after a 1.81% uptick in the past 24 hours. During that period, the global crypto market cap also rose by 2.26% to $909.66 billion according to data from CoinMarketCap.
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