Crypto market sees biggest miner selling pressure since January 2021
The ongoing market slump caused by the FTX fallout hasn’t left Bitcoin miners unscathed. The market has seen the biggest one-day miner selling pressure since January 2021, and data analyzed by CryptoSlate shows that the selling pressure shows no signs of stopping.
We could see extended selling pressure from miners until the average hash price begins decreasing. In November 2022, the average hash price reached $0.05. Bitcoin’s current $17,500 levels make mining borderline unprofitable not just for small miners, but for large operations as well. At around $9,000 per machine, the newest Bitmain S19Pro ASIC miner has a payback period of 1,500 days at an average hash price of $0.06.
Source
t.me/Mining_Crypto_Miner
