2023-06-28 12:01:49
Just a few days ago, we wrote regarding the decreasing amount of ether on crypto exchanges, a somewhat different trend can be seen in the case of bitcoin these days. Glassnode’s data analysis tweeted on June 27 reveals that Bitcoin miners sent a record amount of bitcoins to crypto exchanges in the recent period. Looking at the period of the last week, $128 million was sent to these platforms, which is equivalent to 315% of their daily income. Bitcoin Miners Prepare for Cashout The bull market of 2021 also saw some exceptionally strong days when miners grabbed their profits. However, the jump you can see now has far surpassed the previous ones. When miners submit their BTC profits to exchanges, they do so in order to prepare for payouts to cover their costs and pull in their profits. The goal is clear, since on June 24, the BTC price rose well above $31,000. Since then, there has been a decline, at the time of writing the exchange rate is only slightly above 30,000 dollars. We know that the price range around $31,000 is one of BTC’s strong resistance levels, which the price has tried to break several times without success. And if the miners really start making massive payouts now, the bulls will really be taught a lesson to push the price up. By the way, Bitcoin mining profitability and thus the hash price also rose somewhat last week. Currently, on a daily basis, this is around $0.076 TH/second. And although we have written several times regarding the positive development of the situation of Bitcoin miners, there are still serious challenges. Although the price of bitcoin rose by nearly 90% year-on-year, profitability fell by 80% compared to the peak of the 2021 bull market. And if you add this to the level of mining difficulty and the record-breaking hash rate, you can see that the daily life of a miner is not easy.
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