Bitcoin Bitcoinprice BTC miners Bitcoin miners capitulate, leading to further weakness in the price of BTC
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Data from CoinWarz shows that since July 2021, the Bitcoin mining difficulty has been on an almost not stop trek higher, recently hitting a new all-time high of 36.9505 T. As the mining difficulty climbs higher, it becomes harder for miners to successfully mine a Bitcoin block, ultimately reducing the income earned.
— Charles Edwards November 21, 2022 A tweet released by Glassnode highlighted just how much the profitability of mining BTC has declined over the years as the network hash rate climbed to new all-time highs amid an institutional push to open mining operations.With $BTC prices now down over 76% from the peak, the mining industry remains under immense pressure.
Who has shut off #bitcoin #btc mining. Last bitcoin block found over 30min ago, this is a 15-25% drop in total bitcoin hashrate across the network. Someone large or several just powered down. pic.twitter.com/8OWLX7cRa0
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