As a researcher with a background in cryptocurrency and blockchain technology, I’ve witnessed firsthand the volatility and uncertainty that comes with mining Bitcoin. The current situation, as described by the crypto analyst Julio Moreno and the data from IntoTheBlock, paints a troubling picture for miners.
Crypto analyst Julio Moreno reports that the current level of Bitcoin miner capitulation is similar to what was observed in December 2022, representing a 7.6% decrease.
As a Bitcoin market analyst, I’ve observed that the Bitcoin hash rate price has recently hit an all-time high (ATH). This development comes amidst escalating operational costs faced by miners, leading them to sell off over 30,000 BTC or approximately $2 billion worth of the cryptocurrency in June.
As a Bitcoin market analyst, I’ve noticed that the recent mass sell-off is primarily linked to the April halving event. This significant event reduced block rewards by half, leading me to anticipate miner capitulation. With mining no longer being profitable, miners have been forced to sell their Bitcoin holdings to meet their expenses.
The computing power contributed by Bitcoin miners towards the network has decreased by approximately 15% in the past month, as indicated by a drop in Bitcoin’s hashrate.
The hashrate signifies the rate at which computations (hashing) are carried out each second for verifying and securing transactions. Hashing entails producing a random alphanumeric string as output after processing input data through complex mathematical functions, essentially a guessing game of finding or generating a string close to a target value.
The hash rate measures the computing power required to secure the Bitcoin network and determines the mining complexity for miners to receive block rewards. A decrease in hash rate indicates weaker network security and heightened obstacles for miners, potentially affecting the Bitcoin system’s stability as a whole.
Read More
- BTC PREDICTION. BTC cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- SOL PREDICTION. SOL cryptocurrency
- USD COP PREDICTION
- Ethereum (ETH) Crashes Dramatically, What’s Next? Solana (SOL) Can Still Reach $200, XRP Struggling Before $0.63 Test
- TAO PREDICTION. TAO cryptocurrency
- USD PHP PREDICTION
- Bitcoin Vs. Ethereum: Why This Analyst Believes BTC Will Outperform ETH
- MicroStrategy Or Nvidia? MSTR Stock Outperforms World’s Largest Chip Manufacturer
- WazirX Moves To Recover $150 Million In Shiba Inu, Ethereum And Others With Bounty Program
2024-06-29 16:29