Bitcoin miners’ wallet balance fell to the minimum value in ten months Overall market condition and mining sector state revealed that miners could remain unprofitable unless the market cycle changes Bitcoin [BTC] miners’ resolve to scale through the barrenness attached to the current market condition might have been tested again. The wallet balances of BTC […]
Hence, this placed an intense pressure on the miners to get rid of a significant quantity of their holdings. Of course, these trades might not be intended for profits, especially as BTC was trading at $16,692. Since mining requires huge operational costs, the selling pressure may be able to foot the bills.
However, the negatives did not end with the balances and hash price. A further look at the on-chain data showed that other aspects of the mining sector had contributed to the erasure of almost all growth recorded in 2022. Notably, miners’ block rewards over the last few days have been less than impressive. At press time, the
added up to 918.75 BTC. This indicated that miners have been minting new coins at a slower rate. This could affect BTC’s circulation for both retail and whale investors.With this in mind, it was obvious that the hard work put in by these miners might not yield positive results as 2022 draws nearer to a close.
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