Bitcoin lost 7.3% in value against the US dollar during the past 24 hours after over $600 million in value was removed from the $1.07 trillion crypto economy. According to data from Cryptoquant.com, statistics show that many bitcoin miners have surrendered and sold 5,925 bitcoins worth millions in the past two weeks.
After a brief miner capitulation pause, over 6,100 bitcoins have been sold since the first of the month
At 8:30 a.m. Friday (EST) the US dollar value of bitcoin fell from $23,593 per unit to $21,268 per coin. Over $600 million has been wiped out of the crypto economy during the last day as BTC is down 7.3% and ETH is down 7.4%. Several other coins lost value against the US Dollar as well as BNB during the past 24 hours, down 5%, XRP was down 9%, and ADA was down 10.3%.
According to data obtained from cryptoquant.com share By Ali Martinez Bitcoin miners surrendered during the last 14 days. “It seems that bitcoin miners have taken advantage of the recent profit-booking,” Martinez said. “The data shows that miners sold 5,925 BTC in the past two weeks, worth approximately $142 million.”
Following Martinez’s tweet, data from Cryptoquant.com shows that more than 6,100 BTC have been sold since August 1st. Web portal Miners Status Index Bitcoin miners are said to be doing a “minor sale” of bitcoin. Using today’s crypto market values, 6,100 BTC is equivalent to $130.80 million, which is much less than Martinez’s quote price.
Miners took a break from selling BTC after selling bitcoins mined during the two months prior to August 1, 2022. A Blockware Intelligence newsletter published on July 29 reported that the end of the miner capitulation was near. “Bitcoin is 52 days into a miner capitulation, according to the hash ribbon metric,” the Blockware newsletter said. Added to Blockware’s report:
The end of a miner’s capitulation historically marked the bottom of a bear market.
During the first two weeks of August, it looked like the miner’s capitulation was over and BTC managed to tap $25,212 per unit on August 14th. BTC is down 14.58% since August 14 and is currently down 69% from its price per unit of $69,044. Recorded on November 10, 2021. Bitcoin mining difficulty increased by 0.63% last week, making it more difficult for miners to find BTC blocks, and with the price plummeting, mining bitcoin today is less profitable than it was five days ago.
Bitcoin hashrate up 46% during last 24 hours after recent difficulty increase
Despite increasing difficulty, after coasting below the 200 exhash per second (EH/s) zone at 182.40 EH/s a day earlier on August 18, 2022, BTC’s hash rate has risen to 267.40 EH/s. This is a 24-hour increase of about 46.60% compared to the 182 EH/sec recorded on Thursday afternoon (EST).
Using the current difficulty parameter, the current market price of BTC and a cost of around $0.12 per kilowatt hour (kWh), a Bitmain Antminer S19 XP with 140 terahash per second (TH/s) could yield an estimated profit of $4.85 per day. Is. According to the current market data, the Microbt Whatsminer M50S, which was launched in July with 126 TH/s, can estimated profit of $2.74 per day.
What do you think about the miners who sold 5,925 bitcoins during the past two weeks? Do you think the miner’s dedication is over or will it continue? Let us know what you think about this topic in the comment section below.
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