Coinscreed
  • News
    • Bitcoin News
    • Ethereum News
    • Ripple News
    • Litecoin News
    • Altcoin News
    • DeFi
    • Blockchain News
  • Market Analysis
  • NFT
  • Metaverse
  • Cryptocurrencies
  • Learn
    • Bitcoin 101
    • Ethereum 101
    • Binance Smart Chain
    • DeFi 101
    • Ripple 101
    • ICO 101
    • Trading 101
    • Dogecoin 101
    • Lightening Network
    • NFT 101
  • Crypto How Tos
Advertise
No Result
View All Result
  • bitcoinBitcoin(BTC)
    $19,183.140.540% 24H
    BITCOIN
    24H : 0.540%
    Volume : $28,152,546,156.00
    Marketcap : $365,959,730,489.00
  • ethereumEthereum(ETH)
    $1,043.522.49% 24H
    ETHEREUM
    24H : 2.49%
    Volume : $17,833,493,185.00
    Marketcap : $124,876,111,735.00
  • binancecoinBNB(BNB)
    $218.855.13% 24H
    BNB
    24H : 5.13%
    Volume : $1,226,667,398.00
    Marketcap : $35,733,284,250.00
  • rippleXRP(XRP)
    $0.3162.20% 24H
    XRP
    24H : 2.20%
    Volume : $1,414,781,270.00
    Marketcap : $15,242,398,328.00
  • cardanoCardano(ADA)
    $0.4481.85% 24H
    CARDANO
    24H : 1.85%
    Volume : $894,971,990.00
    Marketcap : $15,137,740,407.00
  • terra-lunaTerra Luna Classic(LUNC)
    $0.000071-5.36% 24H
    TERRA LUNA CLASSIC
    24H : -5.36%
    Volume : $134,961,670.00
    Marketcap : $768,841,921.00
Coinscreed
No Result
View All Result
Home Bitcoin News

Bitcoin Miners Under Pressure As Mining Revenue Plummets By 56%

Phenomeenah by Phenomeenah
3 weeks ago
in Bitcoin News, News
Reading Time: 2 mins read
A A
Share on FacebookShare on Twitter
Bitcoin miners are under pressure as revenue continues to decline while production costs have been increasing.
Bitcoin Miners Under Pressure As Mining Revenue Plummets By 56%

Also, the crypto market remains bearish and long-term investors lose money. according to a newsletter by On-chain Analytics platform Glassnode.

Are Bitcoin miners Aggravating selling pressure?

Glassnode seeks to estimate the market’s value from a miner’s perspective by using a market metric called The Puell Multiple, a valuation tool that calculates the ratio of the daily issuance value of bitcoin (in USD) to the 365-day moving average of this value.

SuggestedArticles

Coinbase disputes claims of selling client data to US authorities

Coinbase disputes claims of selling client data to US authorities

1 min ago
Coinbase allegedly provides customer geo-location data to ICE

Coinbase allegedly provides customer geo-location data to ICE

15 hours ago

The Puell Multiple plummets to the sub-0.5 zone at a later stage of a long-running bear market, when capitulation is a possibility. Currently, this metric sits at 0.66, a crucial point that could lead to capitulation.

According to the analysis done by Glassnode, miner balances are reducing and miners are spending extra, the Miner Net Position Change currently indicates an aggregate miner balance reduction of between 5k and 8k BTC monthly.

This indicates a shift in miner behavior, as their balance had previously accumulated roughly 12k BTC during the first dip from ATH. BTC miners have however been adding to BTC selling pressure since Luna LFG sold over 80k BTC, analysis shows.

Bitcoin mining seems triggered by drop in revenue

Data shows that mining activities have increased significantly, and the cost of production has increased. Capital is being pumped into the industry, but mining revenue has decreased significantly. The market is currently trading between a weekly high of $31,900 and a low of $29,375. The first sign of a green market after nine weeks of red. The market’s uncertainty and stress have led to a reliance on Long-Term Holders.

Mining is now more expensive, rewards offered in USD continue to drop and may lead to a potential miner capitulation cycle ahead. There is reason to believe that the market is within the second and final capitulation phase of a Bitcoin bear market.

Despite the tremendous revenue stress, existing miners have expanded their operations and new miners have entered the network. Miners’ balance sheets may be put under additional strain as a result of money spent on mining hardware and facilities.

Tags: Bitcoin Miners
GXGBET
Coinscreed

Copyright © 2022 Coinscreed

Navigate Site

  • About
  • Advertise
  • Privacy & Policy
  • Crypto Price Charts

Follow Us

No Result
View All Result
  • News
    • Bitcoin News
    • Ethereum News
    • Ripple News
    • Litecoin News
    • Altcoin News
    • DeFi
    • Blockchain News
  • Market Analysis
  • NFT
  • Metaverse
  • Cryptocurrencies
  • Learn
    • Bitcoin 101
    • Ethereum 101
    • Binance Smart Chain
    • DeFi 101
    • Ripple 101
    • ICO 101
    • Trading 101
    • Dogecoin 101
    • Lightening Network
    • NFT 101
  • Crypto How Tos

Copyright © 2022 Coinscreed

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Go to mobile version