Underwater bitcoin miners are turning up the selling pressure on crypto
— End, Less computing power needed, Already downcast market, Control, Key indicator, Traded, Average mining costs, Declines, Cryptoquant, Bitcoin prices — 1 min read
Bitcoin prices have fallen so low that the cryptocurrency's miners have become sellers. Recent data shows an increase in the amount of bitcoin moved by miners from the mining pool to crypto exchanges in June. Bitcoin fell to a low of $17,598.05 in June, according to CoinMetrics. Miners selling their bitcoin could continue to be a source of selling pressure if prices remain this low. Other miners, however, could be forced to pause or end their operations, which could lead to weaker security in the Bitcoin network. The hashrate measures how much computing power the network uses to process transactions and is a key indicator of the network's health, Citi analyst Joseph Ayoub said.Bitcoin fell to levels last seen in Dec 2020 Source