There is a rush of BTC miners in the market
Experts note a record level of activity by miners selling coins. During the three weeks of November, the activity grew by 400%.
Glassnode informs that the balance of BTC miners reached a 10-month low. The assets are valued at $30,4 billion or 10% of the BTC supply. Charles Edwards, founder of Capriole:
A lot of miners will leave the business if bitcoin doesn't grow very shortly. The situation becomes more complicated because the mine&hodl principle is no longer effective and constant position management is required.
Miners find themselves in a difficult situation where the drop in the value of the coin is associated with increased competition and complexity. They need to look for sources of available power in a bear market.
That the market is in a downturn and the outlook is very bleak is also confirmed by the admission of the major mining companies that they cannot meet their obligations.