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Bitcoin Miner Hash Price Hits New Low; Will It Affect BTC?

The enormous collapse of FTX has left its aftershocks on the world market for digital assets. According to sources, the market lost more than $100 billion in just a few days. The Bitcoin miners have now been affected by its shockwaves, though

19-Nov-2022 By: Ashish Sarswat
Bitcoin Miner Hash P

Acc to Glassnode, the cost of a Bitcoin miner's hash has reached a new all-time low. Currently, it is $58,3K per Exahassh each day.

The enormous collapse of FTX has left its aftershocks on the world market for digital assets. According to sources, the market lost more than $100 billion in just a few days. The Bitcoin miners have now been affected by its shockwaves, though.

Bitcoin miners quit due to a drop

According to Glassnode, the cost of a Bitcoin miner's hash has reached a new all-time low. Currently, it is $58,3K per Exahassh each day. Since their high, BTC values have decreased by more than 76%. BTC price declines have put tremendous strain on the mining sector.

The news of the FTX crash that surfaced last week prompted the Bitcoin miners to release more BTC. According to the statistics, miners shifted 8.25K more bitcoins to strengthen their balance sheets. At the moment, 78K BTC are stored in the miner treasuries. In 2022, it has however completely eliminated balance growth.

Data shows that Bitcoin miners are blowing through 135% of the daily coins issued. This implies that all 900 newly created BTC are distributed by miners together. They are also daily distributing an additional 315 BTC from their treasuries at this time.

Price of BTC falls by 16%.

In the past 30 days, the price of bitcoin has decreased by 16%. At the time of publication, the average price of BTC is $16,652. Its market value has decreased to $322 billion.

Over the past week, miners have been compelled to sell almost 9.5% of their treasuries. 7.7k BTC have been spent. Since 2018, this has been noted as the month with the greatest monthly fall in miners. This exemplifies how pro-cyclical Bitcoin miners are.

Earlier, CoinGabbar stated that because of the FTX problem, institutional investors are liquidating their Bitcoin holdings. The largest cryptocurrency fund in the world, Grayscale Bitcoin Trust Fund (GBTC), is currently trading with a 40% negative premium.

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