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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    Blushush by Sahil Gandhi and Ohh My Brand by Bhavik Sarkhedi Partner to Revolutionize Brand Strategy and Personal Branding

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    How to Play Treeverse: Beginner’s Guide to Gameplay, NFTs, and Tokenomics

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    Intellivix Targets Global AI Surveillance Market with ‘False Alarm Elimination’ Gen AMS

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    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

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    GameFi Q1 2025 Report: User Growth, Chain Activity, and Revenue Trends

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    Brain-Computer Interface Market Value, Trends, and Demand Insights | Scope By 2032

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    Shib: The Metaverse – Part of the Expanding Shiba Inu Ecosystem

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    Experience to Earn: Everdome’s Metaverse Frontier

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    Beyond Bots: Meta Motivo and the Dawn of Humanlike Digital Life

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    Exploring NetVRk: What Is Behind This AI-Driven Virtual Universe?

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    Council of Europe Highlights Metaverse’s Impact on Privacy and Democracy

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    Meta Cancels Next-Gen Headset Amidst Changing Market Landscape

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    SYKY Bridges Digital and Physical Fashion with Apple Vision Pro

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    Somnia Launches Playground App to Empower Metaverse Creators

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    Performance Art Duo Operator ‘Make Movement Collectible’ With NFTs

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    NFT Market Sees $3.91M Volume on OpenSea Amid CryptoPunks’ Dominance

    Courtyard Tops Sales, Doodles Leads in Growth

    Courtyard Tops Sales, Doodles Leads in Growth

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    a new collection of NFT stamps inspired by Mozart and Hedy Lamarr

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    Too Early? ‘Networked’ Fashion Label 9dcc Is Shutting Down

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    Trump’s controversial memecoin dinner elicited mixed responses from attendees

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    NFT sales drop to $129.8m, Avalanche sales surge 200%

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    Alchemy acquires NFT launchpad HeyMint to accelerate smart wallet development

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    BeraTone NFT Avatars Are Now Minting Live on OpenSea

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    Dæmons Taps Orochi Network to Power GameFi with Verifiable On-Chain Data

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    How decentralization can mitigate ‘dystopic’ artificial intelligence risks: SingularityNET exec

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    What Is Asset Tokenization? Types, Why It Matters Now [2025]

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    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    Enhancing Security in Online Gambling with Blockchain Technology

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    Blushush by Sahil Gandhi and Ohh My Brand by Bhavik Sarkhedi Partner to Revolutionize Brand Strategy and Personal Branding

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    How to Play Treeverse: Beginner’s Guide to Gameplay, NFTs, and Tokenomics

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    Intellivix Targets Global AI Surveillance Market with ‘False Alarm Elimination’ Gen AMS

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    The Future of Gambling: How Casino Sites Are Leveraging Web3

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    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

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    GameFi Q1 2025 Report: User Growth, Chain Activity, and Revenue Trends

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    Brain-Computer Interface Market Value, Trends, and Demand Insights | Scope By 2032

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    Experience to Earn: Everdome’s Metaverse Frontier

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    Somnia Launches Playground App to Empower Metaverse Creators

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    NFT Market Sees $3.91M Volume on OpenSea Amid CryptoPunks’ Dominance

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    Courtyard Tops Sales, Doodles Leads in Growth

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    Too Early? ‘Networked’ Fashion Label 9dcc Is Shutting Down

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    NFT sales drop to $129.8m, Avalanche sales surge 200%

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    BeraTone NFT Avatars Are Now Minting Live on OpenSea

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    Dæmons Taps Orochi Network to Power GameFi with Verifiable On-Chain Data

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    PCM Wallet Announces Collaboration with DegenVerse to Redefine Web3 Gaming

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    OpenSea Ends Beta, Launches OS2 with Multi-Chain Support, XP Rewards & SEA Token

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    Blockchain And Crypto Are Future of Online Gambling

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    DeepLink Partners with AscendEX to Power Web3 Gaming in Global Markets

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    Why GamStop Players Try Competitive Gaming

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    Ethereum Games ‘Realms of Alurya’ and ‘Wonder Wars’ Latest to Go Offline

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    Real-World Asset NFTs Emerge as the Next Big Crypto Trend in May 2025

  • Blockchain
    Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

    Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

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    NetMindAI Partners with Neurochain AI to Revolutionize Decentralized AI Services

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    LFG Boosts Token Launches with Community Power

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    It’s a Different Sort of Olympics as Cryptographers Face Off in Polyhedra’s ‘Proof Arena’

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  • AI
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    Bitcoin Miner Bit Digital Diversifies Into AI for ‘Substantially Higher Margin’ Than Mining

    ETH Daddy Discusses Ethereum and AI

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    How decentralization can mitigate ‘dystopic’ artificial intelligence risks: SingularityNET exec

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Bitcoin Miners Sell Off Bitcoin to Stay Afloat as BTC Price Wavers

August 14, 2024
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Bitcoin Miners Sell Off Bitcoin to Stay Afloat as BTC Price Wavers
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The plunge in Bitcoin’s price, combined with a substantial increase in mining difficulty, has Bitcoin miners sweating as they fight to keep their heads above water—with the network’s guardians shifting huge amounts of coins.

Figures from blockchain data firm CryptoQuant shows that earlier this month, BTC outflows from miners peaked at 19,000 Bitcoins per day—the highest amount since March.

READ ALSO

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One reason for the rush in sales is that it is harder to mint coins profitably following April’s halving event. And with mining difficulty also up, mining operations need to work even harder.

But with Bitcoin’s price dropping below $50,000—as it did on Aug. 5—miners are having to sell more coins to cover rising costs. CryptoQuant told Decrypt that miners’ average operating profit was squeezed to 25%, a low not seen since January.

“Indeed, we may have seen a miner capitulation event last week as miner outflows spiked after prices momentarily touched $49,000,” the firm said. “We could still see further miner selling as [they] remain underpaid amid low prices and high mining difficulty.”

Bitcoin exchange traded (ETFs) funds have led to an influx of cash into the space, but the price of the biggest digital asset has struggled the past few months since it hit a record high in March of nearly $74,000.

The virtual coin is now trading for $60,660, according to CoinGecko. The reason is that mining difficulty has shot to new highs: it’s now more difficult than ever before to mint new coins.

See also  Bitcoin miners cheer as hashprice continues to push higher

Bitcoin mining is the process of processing transactions and minting new coins for the cryptocurrency’s network. The activity is a big business, and miners are typically large-scale operations, utilizing huge warehouses full of noisy computers.

Miners are rewarded with Bitcoin for their work, but April’s halving event—which occurs every four years—slashed rewards in half. Mining has also become more difficult so operations need to work harder and use more energy to keep the network running. With prices low, it becomes harder to cover costs by selling the newly minted Bitcoin.

But it’s not all doom and gloom: the crunch could be coming to an end.

“Miner capitulation can be seen near local bottoms for BTC prices during bull markets,” CryptoQuant said.

Edited by Ryan Ozawa.

Tags: AfloatBitcoinBTCMinersPriceSellstaywavers

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