FREE SECRET INSIGHT Is This The End For Bitcoin Miners -
Yello, ladies and gents
Today the cost of mining one Bitcoin has reached an
alarming level of $21281, far surpassing the current BTC market price $16790.
As the cost of mining continues to surpass the market price of bitcoin, the sustainability of miner operations is being called into question. How much longer can the rest that did not yet capitulate
survive and work at a loss
The smaller retail miners are liquidated and out of the market for a long time already. Today we are talking about the savage whales veteran miners, who are in the market for years already, owning mountains where they keep mining their machines worth millions of dollars.
These whales started to operate at a loss since June 12, 2022, when the cost of mining one bitcoin reached a high of $29,450. Due to electricity cost spikes, Energy prices, the ongoing Russia-Ukraine conflict, and the current global economic situation, they were not able to sustain profitable.
When looking at the on-chain data, we can see how the miners are coping with these challenges by tracking the Miner Outflow (Top10) metric, which measures the top 10 bitcoin flows out of the miners' wallets. A rise in this metric indicates that miners are surrendering to market forces. As we can see from the chart in 2022, this trend is not new –
similar movements were observed at the bottom of March 2020 and the bottom of 2018 bear cycle.
As we showed you in our tweets channel today, mining difficulty dropped by 7.32% as a result of miners keep shutting down their equipment due to low BTC prices and unprofitable mining. These Miners may be considered as the most important participants in the crypto space, as they are responsible for network security. They have also accumulated massive amounts of BTC during the past years, and their buying or selling decisions can move the price significantly.
