Bitcoin Miners Face Pressure To Sell Off Holdings Amid Plunging Profitability
With Bitcoin’s price down some 70% since its all-time high, Bitcoin mining profitability (what we miners call “hashprice”) is at its lowest level since Q4 2020–right before the last bull market went into full swing.
Adding insult to injury, energy prices are rising across the board, so a Bitcoin miner’s primary cost is going up regardless of its energy mix while the price for the commodity they are producing, (BTC), is going down.
The pressure is driving public bitcoin miners to sell their BTC inventory into a down market and trim their hashrate projections. Miners in the private realm are doing the same, and many are also selling Bitcoin mining machines in a further bid to free up capital and cover costs / debts.
Crypto winter is here, and Bitcoin …
More on: www.forbes.com