Bitcoin has lost 7.3% in value against the U.S. dollar over the past 24 hours after removing more than $600 million in value from the $1.07 trillion crypto economy. According to cryptoquant.com, statistics show that over the past two weeks, some bitcoin miners have capitulated, selling 5,925 bitcoins worth millions.
More than 6,100 bitcoins have been sold since the beginning of the month after a brief miner capitulation pause
Bitcoin’s dollar value fell from $23,593 per unit to $21,268 per coin at 8:30 a.m. (EST) Friday. On the last day, more than $600 million disappeared from the crypto economy as BTC fell 7.3% and ETH 7.4%. Over the past 24 hours, many other tokens have fallen against the US dollar, with BNB down 5%, XRP down 9% and ADA down 10.3%.
According to data from cryptoquant.com shared go through Ali Martinez Bitcoin miners have capitulated in the past 14 days. “Bitcoin miners appear to have taken advantage of the recent rally to book profits,” Martinez said. “The data shows that miners have sold 5,925 BTC worth about $142 million in the past two weeks.”
Following Martinez’s tweet, data from cryptoquant.com showed that more than 6,100 BTC have been sold since August 1.Portal’s Miners Holding Index Saying that Bitcoin miners are “selling” Bitcoin in moderation. Using today’s crypto market value, 6,100 BTC is equivalent to $130.8 million, much lower than Martinez’s quote.
Miners temporarily stopped selling BTC after a large amount of mined bitcoin was sold in the two months leading up to August 1, 2022. The Blockware Intelligence newsletter, published on July 29, explained that the end of miner capitulation is coming to an end. “Bitcoin miners capitulate after 52 days, according to Hash Ribbon metrics,” the Blockware newsletter said. The Blockware report added:
Historically, the end of miner capitulation marks the bottom of a bear market.
The miner capitulation appears to be over for the first two weeks of August, with BTC managing to hit $25,212 per unit on Aug. 14. Since its Aug. 14 high, BTC has lost 14.58% and is currently down 69% from its price per unit of $69,044 recorded on Nov. 10, 2021. Bitcoin’s mining difficulty has risen by 0.63% over the past week, making it harder for miners to discover BTC blocks, and due to lower prices, Bitcoin mining is less profitable today than it was five days ago.
Bitcoin Hash Rate Surges 46% in Last 24 Hours After Recent Difficulty Increase
Despite the rise in difficulty, BTC’s hash rate surged to 267.40 EH/s after sliding along the 200 exahash/s (EH/s) zone at 182.40 EH/s the day before August 18, 2022. This is a 24-hour increase of about 46.60% from the 182 EH/s recorded on Thursday afternoon (EST).
Using the current difficulty parameters, the current market value of BTC, and a cost of about $0.12 per kilowatt-hour (kWh), a Bitmain Antminer S19 XP at 140 terahashes per second (TH/s) is estimated to make a profit of $4.85 per day. Based on current market statistics, the Microbt Whatsminer M50S, launched in July, is estimated to earn an estimated $2.74 per day at 126 TH/s.
What do you think of miners selling 5,925 bitcoins in the past two weeks? Do you think the miner capitulation is over or will it continue? Let us know what you think about this topic in the comments section below.
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