Tough time for miners. Bitcoin miners are finding it extremely hard to continue their operation as the cost of production has exceeded the profit.
The condition has only worsened in June with the Bitcoin price falling below the 2017 high of $20,000 and recording a new 4-year low of $17,783. Miner’s to exchange flow, a data metric that shows the volume of BTC sent by miners onto exchanges has reached a new high in June, reaching a level not seen since January 2021.when BTC price tanked below $21,000. The decline in the price of BTC has also made many mining machines unprofitable, forcing miners to leave the crypto market.
Bitcoin hash price is a mining metric that represents the miner revenue on a per terahash basis. It is the average value — in fiat currency — of the daily rewards a miner gets per each terahash calculation , which has fallen to a new 1.5-year low. Bitcoin Hash Ribbon, an indicator that tries to identify periods where BTC miners are in distress and may be capitulating, has crossed, indicating many miners are unplugging their machines due to lack of profitability.
At a time of BTC price decline and miner crisis, many believe it is a strong price bottom signal as well, especially when miners start giving up.
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