BTC miners unload their assets
IntoTheBlock informs that bitcoin miners' reserves are decreasing. Moreover, the assets are at their lowest level since the beginning of 2010.
As of September 30, there were 1,908,672 bitcoins in reserves, down from 2,030,434 at the end of 2021. The reserves are the number of coins held in wallets and mining pools.
Recall that after bitcoin mining difficulty reached a record high on September 14, it declined by 2.14%. At the end of September, the hashrate was 263.7 million TH/s, compared to 209.51 million TH/s at the beginning of this year.
The crypto market situation has put miners in a difficult position. On the one hand, the value of BTC significantly decreased. On the other hand, the energy crisis increased electricity costs. Those who took loans at the peak with the equipment collateral have troubles today. However, some experts have a market theory. According to it, the growth of BTC will be restored after miners' capitulation. It means that most of them have to sell the mined coins and switch off the hardware.