Bitcoin (Bitcoin) New data shows that miners are “unlikely” to sell tokens to drive down BTC prices in the next few weeks.
As part of its latest weekly report, Chain last week, The analysis resource Glassnode tried to alleviate concerns about another large mining machine sell-off.
Difficult to give gifts to the remaining miners
As mining equipment (and Bitcoin hash rate) continues to move out of China, people are beginning to worry about miners selling BTC to cover costs and clearing fees.
Given the magnitude of the geographic change – China’s rout marked the largest hash rate change in history – miners can increase selling pressure by disposing of tokens Must not Otherwise, it has been moved for a long time.
The combined impact of the sell-off and the reduction in hash rate has provided a “double whammy” for Bitcoin price movements, reducing the possibility of gains, and even maintaining an important level of support.
However, for Glassnode, the situation seems to be under control. It pointed out that the miners are in transit, and those who are still online are facing huge windfalls.
This is because later this week, the difficulty of Bitcoin will drop by nearly 25%-the same The biggest drop ever -This means that it will be more profitable to mine Bitcoin for the remaining miners.
Therefore, the motivation to sell should be reduced because the profitability of network participants will spiral upwards until the lost hash rate is restored and the difficulty increases.
The report explained: “Although the average 7-day income has increased by 154%, the difficulty of the Bitcoin mining problem has increased by 23.6%.”
“Since a large part of the computing power is currently offline and in transmission, the next difficulty adjustment is estimated to be -25%. Therefore, unless the price is further revised or the migration computing power is re-launched, the miners who continue to operate may receive Higher profits.”
Glassnode added that as part of this move, miners are more likely to liquidate the tokens accumulated over time.
“This largely indicates that operating miners are unlikely to conduct excessive forced selling… Therefore, Chinese miners’ liquidation of national debt is more likely to be the main source of sellers,” it concluded.
At the same time, another source emphasized the profitability of mining under the current circumstances.
Using data to make Bitcoin’s energy use reach about 2,520 GWh per two-week difficult period, writer Hass McCook (Hass McCook) Underscore Open up 75% of profit opportunities to miners with specific operating and capital expenditures.
If the cost of mining 1 BTC is up to $20,000, then the difference between that payout and the spot price ($34,500 at the time of writing) is obvious.
“So, if in the absolute worst case, the cost of mining a coin is about $20,000 (now a specialty store may be close to $13-14,000), will you work hard now to get more than 75% of the profit? …?” McCook concluded.