After more than $600 million in value was removed from the $1.07 trillion cryptocurrency economy over the course of the previous twenty-four hours, the value of bitcoin fell by 7.3% against the U.S. dollar. According to the data provided by cryptoquant.com, a number of bitcoin miners have given up over the course of the past two weeks, selling 5,925 bitcoin with a combined value of millions of dollars.
Since the beginning of the month, more than 6,100 Bitcoin have been sold, following a brief pause caused by miner capitulation.
At 8:30 in the morning Eastern Standard Time (EST), the value of one bitcoin in U.S. dollars dropped from $23,593 per unit to $21,268 per coin. Due to BTC’s 7.3% loss and ETH’s 7.4% loss over the past day, the total value of the cryptocurrency economy has decreased by more than $600 million. In the past twenty-four hours, the value of BNB fell by 5%, XRP fell by 9%, and ADA dropped by 10.3% against the value of the US dollar. These are just some of the other coins that lost value.
According to information obtained from cryptoquant.com and presented by Ali Martinez, bitcoin miners have given up during the course of the last two weeks. According to Martinez, “it appears that Bitcoin miners have capitalized on the recent upswing in order to book profits.” According to the data, miners sold 5,925 BTC during the past two weeks, which is equivalent to approximately $142 million.
In response to Martinez’s tweet, the statistics on cryptoquant.com reveals that more than 6,100 BTC had been sold since the beginning of August. According to the Miners’ Position Index presented on the website, bitcoin miners are “moderately selling” the cryptocurrency. The current value of 6,100 BTC on the cryptocurrency market is equivalent to $130.80 million, which is a significantly lower value than the price that Martinez quoted.
After a flurry of mined bitcoin was sold over the two months before to August 1, 2022, miners decided to take a break from selling BTC. This decision was made because of the high volume of sales. It was indicated in a newsletter that was published by Blockware Intelligence on July 29 that the conclusion of miner capitulation was drawing near. The most recent issue of the Blockware newsletter stated that “According to the hash ribbon statistic, Bitcoin is 52 days into a miner capitulation.” In addition, Blockware’s research stated:
The end of a miner capitulation typically coincides with the lowest point of a bear market.
It appeared like miners had finally given up during the first two weeks of August, and on August 14, BTC reached a price of $25,212 per unit. BTC has dropped by 14.58% after it reached its all-time high on August 14, and it has dropped by 69% since the price of $69,044 per unit was recorded on November 10, 2021. The mining difficulty of Bitcoin increased by 0.63% during the course of the past week, making it more difficult for miners to discover BTC blocks. Additionally, as a result of the decline in pricing, mining bitcoin is currently less profitable than it was five days ago.
Following the most recent increase in difficulty, the Bitcoin hashrate has seen a meteoric rise of 46 percent over the course of the past twenty-four hours.
Despite the increase in difficulty, Bitcoin’s hashrate has risen to 267.40 exahash per second (EH/s) on August 19, 2022. The day before, on August 18, 2022, it was coasting along beneath the 200 exahash per second (EH/s) zone at 182.40 EH/s. This represents an increase of approximately 46.60% over the previous 24-hour period compared to the 182 EH/s that was recorded on Thursday afternoon (EST).
A Bitmain Antminer S19 XP with 140 terahash per second (TH/s) has the potential to make an estimated daily profit of $4.85 if the current difficulty parameter, BTC’s current market value, and the cost of about $0.12 per kilowatt hour (kWh) are all taken into consideration. According to the most recent facts regarding the market, the Microbt Whatsminer M50S, which was released in July and has 126 TH/s, is capable of making an expected daily profit of $2.74.