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Top Crypto News: BTC Miners Take in Bear Rally Profits by Selling

Top Crypto News: BTC

Bitcoin's value versus the US dollar has dropped 7.3% 

in the last 24 hours, with more than $600 million removed from the $1.07 trillion crypto market. 

According to sources statistics, a number of bitcoin miners surrendered in the previous two weeks, selling 5,925 BTC worth millions.

On Friday, the value of Bitcoin in US dollars fell from exchange rate of $23,593 per unit to $21,268 per coin. More than $600 million was removed from the crypto industry in the last day, as BTC fell 7.3% and ETH fell 7.4%. Many other currencies have lost value against the US dollar in the last 24 hours, including BNB losing 5%, XRP losing 9%, and ADA losing 10.3%.

According to statistics from sources, BTC miners surrendered and sold 5,925 BTC worth around $142 million in the last 14 days.

As per statistics from sources, over 6,100 BTC have been sold since August 1st. Based on the source's Miners' Position Index, bitcoin miners are "moderately selling" bitcoin. Considering today's crypto market prices, 6,100 BTC is worth $130.80 million.

During the first two weeks of August, it appeared like miner capitulation had ended, and BTC reached $25,212 per unit on August 14. BTC has lost 14.58% since the August 14 peak, and it is currently down 69% from the November 10, 2021 high of $69,044 per unit. Bitcoin's mining difficulty increased by 0.63% this week, making it more difficult for miners to discover BTC blocks. With prices down, mining bitcoin is now less profitable than it was five days ago.

Despite the difficulty increase, BTC's hashrate has surged to 267.40 EH/s after coasting beneath the 200 exahash per second (EH/s) zone at 182.40 EH/s the day before on August 18, 2022. That's a 46.60% increase in 24 hours over the 182 EH/s recorded on Thursday afternoon (EST).

Using the current difficulty parameter, BTC's current market value, and an estimated $0.12 per kilowatt hour (kWh), a Bitmain Antminer S19 XP with 140 terahash per second (TH/s) can make a $4.85 profit each day. According to current market figures, the Microbt Whatsminer M50S, which debuted in July with 126 TH/s, can make an estimated $2.74 profit per day.

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Read also: Cryptocurrency price update: BITCOIN PRICE ANALYSIS : Will the bull be able to sustain the bullish channel line near today's low. What to expect?

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