Another fall in BTC may be triggered by miners

  • 17:37 Nov 10, 2022
  • 274
Another fall in BTC may be triggered by miners

Crypto-market participants shared their hypotheses about the prospects of the bitcoin rate based on CryptoQuant data. Forecasts for miners turned out to be disappointing.

BTC mining volumes are down, the coin has lost 20% of its value in the last few days, and mining costs are only growing because of the energy crisis. A lot of equipment is simply sitting idle or is sold at a minimal price to cover running costs.

According to the user under the nickname MAC.D, bitcoin mining will soon become completely unprofitable. It is evidenced by the data on the movement of coins. On November 9, there was an outflow of 5,400 bitcoins from wallets owned by miners.

Source: CryptoQuant

Because of the bitcoin rate, even Whatsminer MZ0S and Antminer S17Pro are unprofitable. The graph of the cost of the first cryptocurrency looks as follows.

Source: Twitter

The situation in which electricity costs are higher than the income from mining is the second time in 5 years.

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