Bitcoin [BTC]: These factors might initiate a reverse exodus for struggling miners

Bitcoin’s mining industry has taken a severe hit in 2022. Given factors such as massive price corrections, inflation, etc., many miners have even exited the Bitcoin network. Why? Well, mainly to make ends meet. Now, many have raised concerning questions about the profitability of this industry. But, where’s the answer? Alas, some relief Bitcoin miners […]

The falling difficulty level can be seen in the graph below.But, is there anything different this time? Well, for starters, the said decline coincided with some recovery across the market. At the time of writing, Bitcoin’s price remained above the $23.7k-mark. I.e. More cash flow on each Bitcoin mined for respective BTC miners. Indeed, a sign of some relief.

Following the same, the rise in Miners’ BTC balance could paint a rather promising scenario. That’s exactly the case here. Despite the current crypto-chaos, the balance of BTC miners hit a 4-year high.In total, companies that mined the first cryptocurrencies own 1,845,303 BTC, which is ~9.6% of the current supply of BTC.While these developments project a steady uplift, miners are not completely out of the woods yet.

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