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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.
Le bitcoin’s price tapping an all-time high of $68,789 in November, brabúsacht mianadóireachta skyrocketed 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.” Scríobh Arcane Research Dé Máirt
In ainneoin go bhfuil ciste iontach cogaidh ag gnólachtaí mianadóireachta poiblí chun a gcuid rigí mianadóireachta a choinneáil ar siúl, cuireadh iallach orthu cuid dá ngabháltas a dhíol chun dliteanais ar nós maoiniú agus tuarastail foirne a fhritháireamh chomh maith lena sreafaí airgid a choinneáil cothrom. De réir sonraí ar slabhra, dhíol mianadóirí 100% dá dtáirgeadh i mí na Bealtaine, méadú ollmhór ó na gnáth-díolacháin 25-40% a chonacthas ó mhí Feabhra.
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 díolachán ar fud an mhargaidh, ag dul in olcas na staide pianta cheana féin.
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.
"Má bitcoin follows the blueprint of these cycles, a bottom should occur sometime in late Q4 2022, at a price as low as $10,350.” Dúirt Arcane.
Mar sin féin, in ainneoin go bhfuil an díolachán leanúnach pianmhar, creideann Arcane Research gur féidir le HODLers an timthriall seo a shárú, agus tá a gcreideamh i bhfad níos deacra i 2013 agus 2017. Ina theannta sin, “tá a fhios ag na daoine a raibh na stoirmeacha seo acu go bhfuil pian agus pian i gceist leo. an praghas a íocann siad as neamhshiméadracht bun os cionn,” a dúirt sé.
Maidir le scríbhneoireacht, 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.
Foinse bunaidh: ZyCrypto