After more than $600million in crypto currency value was taken from the $1.07 trillion economy, bitcoin’s value against the U.S dollar fell 7.3%. According to cryptoquant.com data, statistics show that many bitcoin miners gave up over the past two weeks and sold 5,925 bitcoin worth millions.
At 8:30 AM (EST), Bitcoin’s U.S. Dollar value fell from $23,593 per coin to $21,268 at $21,268 per unit. In the past day, more than $600 million was lost from the crypto economy. Bitcoin fell 7.3% and Ethereum dropped 7.4%. Other coins also lost value in comparison to the U.S. Dollar. BNB dropped by 5%, XRP fell by 9%, and ADA lost 10.3% over the last 24 hours.
Data from cryptoquant.com shared Ali Martinez Bitcoin miners surrendered during the past 14 days, according to data. Martinez stated that bitcoin miners appeared to have taken advantage the recent upswing in order to book profits. Data shows that miners have sold approximately $142 million worth of BTC over the past two weeks.
According to Martinez’s tweet, more than 6,100 Bitcoin were sold since August 1. According to the Miners’ Position Index, bitcoin miners are “moderately” selling bitcoin. Today’s crypto market value of 6,100 Bitcoin equals $130.80 Million, which is a lower price than Martinez’s quote price.
After a rush of bitcoins being mined, miners decided to stop selling Bitcoin. The end of miner capitulation was close to being explained in a Blockware Intelligence Newsletter. According to the Blockware newsletter, Bitcoin has been in capitulation for 52 days. Blockware added this report:
A bear market bottom is traditionally marked by the end of a miner capitulation.
It seemed like miners had given up. BTC tapped $25,212 per unit August 14. BTC is down 14.58% from its August 14 high. It’s currently down 69% compared to the November 10, 2021 price of $69,044 for each unit. The Bitcoin mining difficulty increased by 0.63% over the past week, making it harder for miners to find BTC block blocks. With bitcoin prices dropping, mining bitcoin is now less profitable than five days ago.
Bitcoin Hashrate has risen by 46% in the past 24 hours following the recent difficulty increase
Despite the difficulty increase, BTC’s havehrate has risen to 267.40EH/s. This is a 46.60% increase in 24-hours over the 182 EH/s that was recorded on Thursday afternoon (EST).
Based on the current difficulty parameter, BTC’s market value and a cost around $0.12/kWh, a Bitmain Antminer XP with 140 terahash/second (TH/s), can earn an estimated $4.85 per daily in profit. According to market statistics, the Microbt Whatsminer M50S with 126 TH/s launched in July can earn an estimated $2.74 per daily in profit.