Crypto market sees biggest miner selling pressure since January 2021

1 year ago

The ongoing marketplace slump caused by the FTX fallout hasn’t near Bitcoin miners unscathed. The marketplace has seen the biggest one-day miner selling pressure since January 2021, and information analyzed by CryptoSlate shows that the selling unit shows nary signs of stopping.

We could spot extended selling unit from miners until the mean hash terms begins decreasing. In November 2022, the mean hash terms reached $0.05. Bitcoin’s existent $17,500 levels marque mining borderline unprofitable not conscionable for tiny miners, but for ample operations arsenic well.

The summation of tens of thousands of caller ASIC miners to the marketplace successful the past twelvemonth enactment adjacent the largest mining operations heavy successful the red, with fewer expecting specified a crisp summation successful hash price.

At astir $9,000 per machine, the newest Bitmain S19Pro ASIC miner has a payback play of 1,500 days astatine an mean hash terms of $0.06.

This summation successful mining costs and driblet successful profitability pushed miners to merchantability their Bitcoin holdings. There has been a vertical driblet successful the equilibrium successful miner wallets since the opening of November, reaching a debased recorded successful January 2021.

The nett presumption alteration successful miner holdings perfectly correlates with the vertical driblet successful Bitcoin’s price. With vigor prices expected to summation passim the wintertime and nary extremity successful show to the ongoing carnivore market, we could spot a question of unprofitable miners shutting down their operations.