Bitcoin Bloodbath: Miners sell the most in 7 years

The selling pressure from Bitcoin (BTC) miners has surged by 400% 

During the last three weeks, pushing this indicator to new highs.

Bitcoin miners are in turmoil due to the recent decline in the price of bitcoin. They have no choice but to sell in order to pay their bills.

The selling pressure from Bitcoin (BTC) miners has surged by 400% during the last three weeks. Almost seven years ago, at the bottom of the 2015 cycle, this indicator achieved new highs.

The founder of Capriole Investments, a quantitative fund for Bitcoin and other digital assets, Charles Edwards, revealed the suffering of the BTC mining community on Twitter.

Charts depicting the price of Bitcoin (BTC), mining costs (log scales), and the quantity of Bitcoins (BTC) miners are selling were displayed by Edwards. It seems as though the entire segment is struggling.

Miners' Strife

According to him, many miners would be forced to stop operations owing to significant losses if the price of Bitcoin does not increase in the upcoming weeks.

He contends that the mine-and-hodl method is not a viable one for Bitcoin miners. Edward blames the current state of affairs on miners' "never selling" mentality. The "never selling" hubris that was common just six months ago is now costing miners. In this market, he continues, you must continually manage (trade) your Bitcoin position.

Additionally, this challenging time shows that Bitcoin mining is no longer considered "passive income." Miners should rethink their plans if they want to avoid going bankrupt.

According to the Energy Value Model, Bitcoin (BTC) seemed to be significantly oversold early this month, according to a report by Charles Edwards.

Iris Energy, an Australian mining company, reportedly had to disconnect equipment after defaulting on its financing due to a lack of cash flow. This highlights the distress, which could affect the industry in the following weeks.