Bitcoin’s hashrate posts impressive numbers, but when will BTC's price do
s price declines even further, a large amount of selling pressure from the miners’ end can’t be ruled out.Notably, Bitcoin’s hashrate, which grew by 6% since Q2 reached a new all-time high at the time of press.
Another reason for the improvement in Bitcoin’s network was attributed to China banning Bitcoin mining. This led to a mining exodus where miners moved to other parts of the world.’s prices were on a decline. An increasing hashrate and a declining price could put a lot of pressure on miners. It can, therefore, force them to sell Bitcoin in order to cut losses.
This uncertainty with respect to mining revenue may lead to miners shying away from mining Bitcoin and moving on to other proof-of-work alternatives.But it’s not just miners that have been affected by Bitcoin’s price action. Even Bitcoin holders have been negatively impacted to a large extent. Consider this- the total supply of Bitcoin in profit has been mostly on the lower side over the past few weeks.
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