Can BTC Miners Survive Amid Bitcoin Price Drop? On-Chain Report
Bitcoin Price has shown some signs of recovery amid the increased uncertainty in the crypto market. BTC price is up by over 4% in the last 30 days. However, Bitcoin Miners are feeling the heat right now as their profit margin is in constant collapse.
Will miners’ dumps affect Bitcoin price?
As per a report, the average cost of mining one Bitcoin went on to touch $19,462 on December 15, 2022. At the same time, BTC price traded at around $17,800 price level. This directly depicts the average loss faced by the miners due Bitcoin price drop.
Data shows that the loss for the miners began on June 12, 2022, when Bitcoin price dropped to $26,700. At that period the average price of mining one BTC stood around $29,450.
However, the same situation occurred when the BTC price bottomed in March 2020. The mining cost went higher than the value of Bitcoin.
Earlier, Coingape reported that the Bitcoin Miner Hash price dropped to a new all time low. The hash price went on to stand at $58.3K per Exahassh per day while Bitcoin price went down by 76% from its ATH.
Bitcoin Miner Netflow at ATH
As per glassnode data, Bitcoin Miners’ Netflow Volume (7d MA) went to touch a 4 month high. It now stands at $377,950.64. However, the previous 4-month high of $264,470.24 was recorded on August 25, 2022. While miners Netfloe touched a high of 21.675 Bitcoin.
Coingape reported that Bitcoin whales have been reducing the supply over the last 14 months. Meanwhile, a fresh spike can be seen in new addresses which hold around 100 to 10K BTC. The whale list registered new 159 such addresses.
Bitcoin is trading at an average price of $17,492, at the press time. BTC price is down by 4% in the last 24 hours. Its 24 hour trading volume is down by 16% to stand at $20 billion.
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