Bitcoin Miners To Capitulate Again? Will this hurt BTC? – Crypto News – Crypto News
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Bitcoin Miners To Capitulate Again? Will this hurt BTC? – Crypto News

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Bitcoin Price Prediction News: Bitcoin price is struggling to recover amid 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 The 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 hashrate 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 time of press. However, its 24-hour trading volume is up by 31% to stand at $24.9 billion.

Glassnode reports 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.

Ashish believes in Decentralization 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 content presented may include the personal opinion of the author and is subject to market conditions. 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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