Too much competition can be bad, especially when the bears are in charge. Bitcoin miners are selling off coins from their stockpiles and shares in their companies after the profitability of mining took a dive since November. (Reporting via NewarBrian)
Bitcoin miners are selling off coins from their stockpiles and shares in their companies after the profitability of mining took a dive since November.
With Bitcoin currently holding around $43,500, about 33% below the all-time high of about $69,000 reached that month, miners are selling at a less-than-opportune time. However, electricity and equipment bills must be paid. Data from on-chain analytics firm Glassnode showing that Bitcoin miners have become net sellers, after being net hodlers for months.
Since Nov. 9, the return from mining one BTC has decreased by an average of 50.5% for the two most popular mining devices, the S9 and the S19, according to data by blockchain research firm Arcane Research. This means theA big increase in hashrate has contributed to the lower profitability of mining. Competition among miners increases proportionally with hashrate because it means more devices have been turned on to compete to find the next block.
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