According to data from CryptoQuant, miners' BTC outflows peaked at 19,000 bitcoins per day earlier this month, the highest level since March. One of the reasons for this is that it has become more difficult to earn money after the April halving event. And as mining difficulty increases, mining operations need to work harder.
"In fact, we may have seen miners capitulate last week as there was a surge in outflows from miners after the price briefly hit $49,000," CryptoQuant said. "We may still see miners sell off further as they are still not being paid their fair share in the face of low prices and high mining difficulty."
Bitcoin miners sell bitcoin to make ends meet as BTC price fluctuates
2024-08-14 01:36:02
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