Bitcoin Price Prediction News: Bitcoin price is struggling to recover amid the increased selling pressure and volatility in the market. The declining BTC price has also led to an all time high (ATH) mining difficulty for Bitcoin miners. However, experts have suggested that miners might capitulate again.
Miners to drop more Bitcoin?
A report by Cryptoquant suggests that the Bitcoin mining difficulty is very high for the miner. This directly means that the costs are getting higher and the current situation is not suitable for doing business. This is the main reason why miners do not work in full force.
It added that this is the first time in months that the Bitcoin hash rate is dumping hard. This is likely a signal that miners are capitulating. However, this also signals that the bottom is near.
However, increased inflation and declining Bitcoin price have created such an environment for the miners. Meanwhile, the current results might not fall in line with the previous results. Positive mining difficulty adjustment can help miners plan for the next adjustment which might happen around 6th December.
Will BTC drop more?
Bitcoin prices have dropped by a massive 23% in the last 30 days. Bitcoin price is trading at an average price of $16,219, at the press time. However, its 24 hour trading volume is up by 31% to stand at $24.9 billion.
Glassnode reported that Bitcoin miners are distributing over 135% of their mined coins. This suggests that miners are dipping into their 78K BTC strong treasuries.
As the FTX contagion expands, the mining industry has become another sector of concern in the crypto market. Mining revenue is witnessing a huge revenue reduction. The production cost has gone up by 68% while Bitcoin price is down by 76% over the last year.
Miner’s Bitcoin balance currently stands at around 78K which is equal to more than $1.2 billion, as per BTC price.
Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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