fbpx
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA
Saturday, April 1, 2023
Online Crypto College
CREATE FREE ACCOUNT
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
    • Blockchain
    • Regulation
    • Trading
  • Learn Crypto For Free
  • Login
No Result
View All Result
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
    • Blockchain
    • Regulation
    • Trading
  • Learn Crypto For Free
  • Login
No Result
View All Result
Online Crypto College
No Result
View All Result

Why are Bitcoin Miners Capitulating? – Blockchain News, Opinion, TV and Jobs

June 7, 2022
in Blockchain
Reading Time: 3 mins read
A A
Why are Bitcoin Miners Capitulating? – Blockchain News, Opinion, TV and Jobs
ShareShareShareShareShare

By Marcus Sotiriou, Analyst at the UK based digital asset broker GlobalBlock

Related articles

Avalanche Launches Avaissance to Boost NFT Ecosystem

Avalanche Launches Avaissance to Boost NFT Ecosystem

April 1, 2023
FTX EU Launches Website for Customer Withdrawal Requests

FTX EU Launches Website for Customer Withdrawal Requests

April 1, 2023

Bitcoin yet again failed to sustain its rally over $30,000 yesterday, as it was harshly rejected by the key $31,500 level. This level is critical to overcome for Bitcoin to rally towards $35,000.

Some on-chain metrics suggest that the bottom may not be in sight yet and there could be more selling pressure. This is shown by data from Glassnode, specifically the net unrealised profit/loss (NUPL), which is a measure of the overall unrealized profit and loss of the network as a proportion of the market cap. This metric indicates that less than 25% of the market cap is held in profit. This has happened 3 times since 2015 and each time has led to a capitulation phase with further downside in the following months.

In addition, the Bitcoin miner net position change shows that Bitcoin miners have been net sellers over the past month, as miner distribution (sell pressure) reached a peak of around 8,000 Bitcoin per month. I think this sell pressure from miners could be due to the decline in Bitcoin price, which has decreased the profitability for miners. However, I am not concerned by this behaviour, as Intel are releasing second-generation, Bitcoin-specific mining chips, which are more efficient than those of most rivals. Crypto miner Hive Blockchain sold about 10,000 ETH to pay for Intel Bitcoin mining rigs. These will go into mass production early 2023, and potentially increase the profitability of Bitcoin miners. I think this will be a catalyst for increased adoption of Bitcoin mining globally, as it could help mining firms meet ESG (environmental, social and governance) objectives.

The key factor for determining if there will be further downside over the coming months is if soaring inflation persists. U.S. CPI data for May is released on Friday and is expected to be 8.2% year-over-year which is a 0.1% decline from April’s CPI reading of 8.3%. Even though the expected reading resembles a decrease in inflation, I think we would need to see a more significant decline for the Federal Reserve to change course, and therefore sustained upside for crypto.


Credit: Source link

ShareTweetSendPinShare
Previous Post

Bitcoin Help End War In Ethiopia

Next Post

Tech Industry Letter To Congress Must Guide Crypto Counsel

Related Posts

Avalanche Launches Avaissance to Boost NFT Ecosystem

Avalanche Launches Avaissance to Boost NFT Ecosystem

April 1, 2023

The Avalanche Foundation has launched Avaissance, an initiative aimed at supporting digital artists and boosting the growth of the Avalanche...

FTX EU Launches Website for Customer Withdrawal Requests

FTX EU Launches Website for Customer Withdrawal Requests

April 1, 2023

FTX EU, the European arm of the global trading platform, has launched a website to allow European customers to submit...

BRICS Alliance Considers Creating New Currency

BRICS Alliance Considers Creating New Currency

March 31, 2023

The world's economic powerhouses appear to be distancing themselves from US dollar hegemony as they look to create a new...

ANZ Bank Pushes Customers Towards Digital, Faces Criticism

ANZ Bank Pushes Customers Towards Digital, Faces Criticism

March 31, 2023

ANZ Bank, one of the "Big Four" banks in Australia, recently announced that it will no longer facilitate withdrawals and...

Renewed Optimism in Crypto Market Raises Concerns About Regulatory Challenges Ahead – Blockchain News, Opinion, TV and Jobs

Renewed Optimism in Crypto Market Raises Concerns About Regulatory Challenges Ahead – Blockchain News, Opinion, TV and Jobs

March 31, 2023

The cryptocurrency market has had a strong start to the year, with Bitcoin (BTC) up 71% and Ethereum (ETH) up...

Load More
Next Post
Tech Industry Letter To Congress Must Guide Crypto Counsel

Tech Industry Letter To Congress Must Guide Crypto Counsel

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Binance daily withdrawals double as users report problems off-ramping

Binance daily withdrawals double as users report problems off-ramping

March 29, 2023
Bitcoin Advocacy Group Illuminates ECB, Eurotower, Encouraging Adoption And Education

Bitcoin Advocacy Group Illuminates ECB, Eurotower, Encouraging Adoption And Education

March 30, 2023
NEAR launches $11M grassroots community trust registered in Guernsey

NEAR launches $11M grassroots community trust registered in Guernsey

March 29, 2023
Monero Price Prediction: 2023, 2024, 2025, 2026

Monero Price Prediction: 2023, 2024, 2025, 2026

March 27, 2023
Kokomo Finance Accused of $4M Exit Scam

Kokomo Finance Accused of $4M Exit Scam

March 28, 2023

About Us

We provide the latest crypto news, trading tools, and up-to-date education to students and traders all over the world.

ENROLL FOR FREE

Latest Crypto Headlines

  • Bittrex Bids Farewell to US Crypto Market Amid Regulatory Turmoil
  • Avalanche Launches Avaissance to Boost NFT Ecosystem
  • Can Dusk Network Address The Challenges Posed By The Data…
  • FTX EU Launches Website for Customer Withdrawal Requests
  • Matt Damon Shares Story Behind His Crypto Commercial – Featured Bitcoin News
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
    • Blockchain
    • Regulation
    • Trading
  • Learn Crypto For Free
  • Login
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2022 - OnlineCryptoCollege.com - All rights reserved!

No Result
View All Result
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
    • Blockchain
    • Regulation
    • Trading
  • Learn Crypto For Free
  • Login

© 2018 JNews by Jegtheme.

  • bitcoinBitcoin(BTC)$28,490.002.29%
  • ethereumEthereum(ETH)$1,828.512.05%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.000.05%
  • binancecoinBNB(BNB)$315.44-0.29%
  • usd-coinUSD Coin(USDC)$1.000.03%
  • rippleXRP(XRP)$0.51-5.08%
  • cardanoCardano(ADA)$0.3913261.81%
  • staked-etherLido Staked Ether(STETH)$1,824.672.08%
  • dogecoinDogecoin(DOGE)$0.0770763.65%
  • matic-networkPolygon(MATIC)$1.122.85%
  • solanaSolana(SOL)$21.043.70%
  • polkadotPolkadot(DOT)$6.281.67%
  • binance-usdBinance USD(BUSD)$1.000.03%
  • litecoinLitecoin(LTC)$93.636.32%
  • shiba-inuShiba Inu(SHIB)$0.0000112.69%
  • tronTRON(TRX)$0.0665071.90%
  • avalanche-2Avalanche(AVAX)$17.692.89%
  • daiDai(DAI)$1.000.07%
  • uniswapUniswap(UNI)$6.163.64%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$28,487.002.23%
  • chainlinkChainlink(LINK)$7.561.83%
  • ToncoinToncoin(TON)$2.257.58%
  • cosmosCosmos Hub(ATOM)$11.12-0.02%
  • leo-tokenLEO Token(LEO)$3.38-2.30%
  • stellarStellar(XLM)$0.108782-0.35%
  • ethereum-classicEthereum Classic(ETC)$20.642.66%
  • moneroMonero(XMR)$156.960.02%
  • okbOKB(OKB)$41.921.52%
  • Aerarium FiAerarium Fi(AERA)$7.15-13.10%
  • bitcoin-cashBitcoin Cash(BCH)$125.263.29%
  • filecoinFilecoin(FIL)$5.673.21%
  • hedera-hashgraphHedera(HBAR)$0.0710251.18%
  • lido-daoLido DAO(LDO)$2.415.03%
  • true-usdTrueUSD(TUSD)$1.000.09%
  • AptosAptos(APT)$11.19-0.53%
  • quant-networkQuant(QNT)$124.950.50%
  • crypto-com-chainCronos(CRO)$0.0692521.96%
  • nearNEAR Protocol(NEAR)$1.983.78%
  • ArbitrumArbitrum(ARB)$1.34-1.25%
  • vechainVeChain(VET)$0.0233363.14%
  • algorandAlgorand(ALGO)$0.2226981.14%
  • apecoinApeCoin(APE)$4.223.36%
  • internet-computerInternet Computer(ICP)$5.152.04%
  • eosEOS(EOS)$1.202.33%
  • fantomFantom(FTM)$0.4707934.36%
  • the-graphThe Graph(GRT)$0.1441221.78%
  • blockstackStacks(STX)$0.911.61%
  • the-sandboxThe Sandbox(SAND)$0.632.46%
  • decentralandDecentraland(MANA)$0.593.86%