Bitcoin Miners Dump $1.7B Worth Of BTC As Rising Mining Difficulty And Weak Price Action Take Their Toll
Portfolio Pulse from Aniket Verma
Bitcoin miners have sold over 30,000 BTC worth $1.7 billion due to increased mining difficulty and a 10% drop in Bitcoin's price, leading to financial strain post-halving.
September 12, 2024 | 9:27 am
News sentiment analysis
Sort by:
Descending
NEGATIVE IMPACT
Bitcoin miners have sold over 30,000 BTC worth $1.7 billion due to increased mining difficulty and a 10% drop in Bitcoin's price, leading to financial strain post-halving.
The sale of a large amount of Bitcoin by miners is likely to increase supply in the market, putting downward pressure on prices. The increased mining difficulty and reduced revenues post-halving exacerbate the financial strain on miners, prompting them to sell more BTC.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100