Bitcoin [BTC] miners continue to face the heat, but what's the way forward
A spike in miners’ pressure has always led to a price drop in the past. If the miner pressure continues to decline, there is a possibility that BTC’s prices would drop even further.One reason for the increasing sell pressure on miners can be the declining miners’ revenue. As can be seen from the image below, the miner revenue for Bitcoin declined significantly over the last two months.
Bitcoin’s hashrate, on the other hand, continued to increase according to data provided byA growing hashrate indicated that it would take more computational effort for miners to mine Bitcoin. Coupled with growing energy costs, it would be very difficult for miners to stay profitable under these conditions.Despite these bearish signals, retail investors continued to show faith inBitcoin reached an all-time high on 1 December.
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