Did Bitcoin miners predict the most recent decline in BTC?
For many investors this year, the bear invasion proved costly. Following the king coin’s decline below $20K, Bitcoin [BTC] miners suffered severe losses. After January 2022, mining profitability fell precipitously. But during the last several weeks, BTC has been able to hold steady around the $24K region. BTC miners made the decision to go on a selling binge at this moment.
Recent research indicates that Bitcoin miners traded almost 6,000 BTC in only two weeks. Crypto expert Ali Martinez observed that miners made the decision to benefit on BTC’s most recent surge.
“It seems that bitcoin miners have profited from the current rise. According to data, miners sold 5,925 $BTC over the course of the previous two weeks, totaling almost $142 million.
It should also be highlighted that Bitcoin had a significant decline today. Over the last 24 hours, the value of the king coin decreased by roughly 8%. BTC’s price was then driven further down, reaching $21,7118. The value of the biggest cryptocurrency in the world at the time of publication was $21,768,05. Additionally, the concern around the Bitcoin bottom continues.
Even this week, Bitcoin reached a high of $25,135.59. Many people hypothesized that miners expected the latest downturn in light of BTC’s decline and their previous selling frenzy.
Will the profitability of Bitcoin mining match the June peak?
As was already established, relative to its prior highs, Bitcoin mining profitability has been fairly low. However, when August is taken into account, miners saw substantially higher earnings. June is still in first place. The king currency may duplicate its high from June thanks to the tenacity of its current idea.
Bitcoin mining profitability was 0.117 as of the time of publication. By the end of June, this indicator had risen to 0.121. While Bitcoin was attempting to do the same thing, its most recent collapse may make it more difficult for the king currency.