Has the «pain threshold» of miners fallen to a critical point?
More than seventy thousand bitcoins could be liquidated if the value of BTC falls below the $18,300 mark. It arose due to a regression in the difficulty of mining this virtual coin. This is not an encouraging prognosis shared by Glassnode experts.
In their opinion, there is a high probability of bitcoin price volatility (volatility) after a long enough period of stability of this crypto.
At the same time, metrics related to BTC mining are improving against a backdrop of price stability. This may not be a bad indicator for bitcoin miners. Thus, computing power reached a record 242 EH/s.
Analysts from Glassnode observe the growth of hash rate due to the use of extremely powerful asics.
Based on the statistics, the regression between the mining complexity and capitalization with an R2-coefficient of 0.944 shows that only at the threshold of $18.300 it is possible to mine BTC efficiently. And that figure should not go down.
Right now, people who are mining bitcoin and have 96% of their hash rate concentrated have 78,400 BTC.