Bitcoin Miners Cash in Significant Earnings Before Price Fall

Massive Bitcoin Selloff Surfaces Amid Bearish Market Conditions
  • BTC has been able to maintain a $24,000 support level over the previous weeks.
  • Over the last day, the value of BTC has fallen by over 8%.

Many investors lost money this year due to the bears’ unexpected appearance. After the price of the Bitcoin fell below $20,000, Bitcoin (BTC) miners suffered devastating losses. Mining profitability plummeted immediately after January 2022. However, BTC has been able to maintain a $24,000 support level over the previous several weeks. This coincided with a massive selling frenzy among Bitcoin miners.

BTC/USDT: Source: TradingView

Miners Played Safe

New information suggests that Bitcoin miners moved approximately 6,000 BTC in only two weeks. Ali Martinez, a market analyst, has observed that miners have opted to capitalize on Bitcoin’s recent price increase.

The analyst stated:

“Bitcoin miners appear to have taken advantage of the recent upswing to book profits. Data shows that miners sold 5,925 $BTC in the last two weeks, worth roughly $142 million.”

It’s also worth noting that Bitcoin’s value dropped significantly today. Over the last day, the value of BTC has fallen by over 8%. Because of this, the price of Bitcoin dropped to a low of $21,718. A high of $25,135.59 was reached for Bitcoin earlier this week. Many have hypothesized that miners foresaw the impending correction, given the previous selling frenzy and the BTC’s precipitous decline.

As was said before, Bitcoin mining profitability is far lower than it was during the cryptocurrency’s prior peaks. When July is included, August was a very profitable month for miners. Profitability in Bitcoin mining as at press time was 0.117. At the June month’s close, this indicator shot up to 0.121.

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An engineering graduate who is passionate about writing and loves the very existence of crypto. Trading forex currency keeps me busy when I am not writing and analysing the crypto world.