Bitcoin (BTC) miners started ‘maximum competitive promoting’ in seven years: analyst

Bitcoin (BTC) miners started ‘maximum competitive promoting’ in seven years: analyst

Bitcoin (BTC) miners started ‘maximum competitive promoting’ in seven years: analyst

Vladislav Sopov
Veteran Bitcoin (BTC) Researcher Charles Edwards Shares a Doomsday Prediction for Bulls

Analyst Charles Edwards, founding father of quantitative fund Capriole Investments and writer of many insightful crypto-economy fashions, unearths that Bitcoin (BTC) miners have not been promoting as aggressively for the reason that fourth quarter of 2015.

“Bitcoin miners bloodbath”: Charles Edwards on miners promoting BTC

Mr. Edwards shared charts of Bitcoin (BTC) value, mining expenditure (logarithmic scales), and the quantity of Bitcoin (BTC) miners are providing on the market. It seems like all of the phase goes thru tricky instances.

In the previous 3 weeks, since FTX/Alameda’s preliminary insolvency rumors, Bitcoin (BTC) miners have larger their promoting drive by means of 400%. This metric has reached ranges now not observed for the reason that backside of the 2015 cycle.

Mr. Edwards is bound that if the cost of BTC does now not get better within the coming weeks, many miners shall be compelled into chapter 11 because of heavy losses.

Additionally, this painful length indicators that BTC mining can now not be thought to be “passive income”. Miners must rethink their methods to keep away from getting underwater:

What we see isn’t sustainable. Mine-and-hodl isn’t a viable technique as a Bitcoin miner. Miners are paying the effects of the “by no means dealer” vanity prevalent simply 6 months in the past. You want to continuously set up (business) your Bitcoin place on this marketplace.

Earlier this month, Charles Edwards printed that Bitcoin (BTC) appeared extraordinarily oversold according to the power worth type.

Selling Accelerates on Soaring Hashrate: Possible Reasons

Meanwhile, as lined by means of U.Today prior to now, problem and hashrate, two maximum vital metrics of Bitcoin (BTC) mining task, set new all-time highs in mid-November.

Yesterday’s adjustment driven Bitcoin’s (BTC) mining problem to over 36.95T, whilst the hashrate just about hit the spectacular 300 PE/s stage.

Anonymous analyst @BTC_Archive, commenting on Mr. Edwards’ considerations, identified that such an imbalance between BTC miner task and income must be attributed to the whales’ secret power assets:

The best approach I will provide an explanation for the rise in hashrate when the cost is down is for some truly large gamers with get right of entry to to extraordinarily affordable power coming into the large-scale mining recreation.

Today, November 22, 2022, the cost of Bitcoin (BTC) as soon as once more revisited its two-year low; the orange coin is now converting arms at $15,700.


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Bitcoin (BTC) miners started ‘maximum competitive promoting’ in seven years: analyst

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