Bitcoin miners weigh-in on record BTC outflows to exchanges, all-time high mining difficulty and the state of the industry.
Foundry’s business development senior manager Charles Chong also weighed in on the subject, while the firm declined to comment on whether it had held any BTC holdings in 2023.
“However, we are in a different time now with scarce external capital and only a 15-30% margin, forcing miners to liquidate their bitcoin to cover operational costs.” It’s worth noting that the Bitcoin mining difficulty has also hit recent all time highs, which suggests that the network is at its most robust. Chong explained that new, more efficient mining capable of higher hashrates have continuously been released into the market in 2023, which has forced miners to refresh their fleet to continue producing BTC at a profit.
A spokesperson from Braiins mining told Cointelegraph that continuing difficulty increases are a result of hashrate increasing, which signals that industry participants see potential upside for BTC's price in the future:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Blackrock Bitcoin ETF Filing Announcement Propelled BTC in Q2 — Study – Bitcoin NewsIn the same period, the total staked ethereum (ETH) increased by 5.6 million to end the quarter at 23.6 million. ethstaking bitcoinordinals
Read more »
RFK Jr. Vows to Back Dollar With Bitcoin, Exempt BTC From TaxesThe Democratic presidential hopeful also reiterated a May stance defending the right to self-custody bitcoin, run blockchain nodes at home and promising industry-neutral energy regulation.
Read more »
3 reasons why Bitcoin traders anticipate BTC price to briefly sweep the $27.5K levelTraders long-term thesis for Bitcoin remains intact, but BTC’s repeat rejections at the $31,800 yearly high are increasing the chance of a price breakdown to the $27,500 level.
Read more »
BTC/USD Forex Signal: Bitcoin\u2019s Slumber to Continue for a WhThe BTC/USD price continued consolidating around the 30,000 support level as demand for Bitcoin retreated.
Read more »
Bitcoin traders say 'get ready' as BTC price preps 2023 bull marketBitcoin is due to repeat previous BTC price cycles with an imminent bull market 'kick off,' say traders.
Read more »
If Bitcoin (BTC) Stalls at $30,000, Here's What May Happen to Economy: Mike McGloneChief commodity expert of Bloomberg has revealed what impact of stalling Bitcoin may be on US economy in near future
Read more »