Bitcoin’s value against the US greenback has lost 7.3% in the past 24 hours after more than $600 million fell short of the $1.07 trillion crypto economy. Statistics show that various bitcoin miners have capitulated over the past two weeks, promoting 5,925 thousand bitcoin prices, in response to reports from cryptoquant.com.
More than 6,100 bitcoins bought since the first of the month, after a temporary pause of miners’ capitulation
The value of Bitcoin’s US greenback fell from $23,593 per unit to $21,268 per coin as of 8:30 a.m. (EST) Friday morning. Over $600 million was wiped from the crypto economic system in the past day as BTC lost 7.3% and ETH lost 7.4%. Various other species lost value against the US greenback as well as BNB fell 5%, XRP fell 9% and ADA lost 10.3% in the last 24 hours.
In response to information from cryptoquant.com share by Ali Martinez bitcoin miners have capitulated in the last 14 days. “Bitcoin miners appear to have benefited from the current recovery in e-book revenues,” Martinez said. “Reports show that miners have offered 5,925 BTC over the past two weeks, for a price of around $142 million.”
Following Martinez’s tweet, cryptoquant.com information above 6,100 BTC has been offered since August 1. The web portal Index of places of minors says bitcoin miners are “reasonably promoting” bitcoin. Using current crypto market values, 6,100 BTC equals $130.80 million, a value well below Martinez’s listing value.
Miners took a break from promoting BTC after a wave of mined bitcoin was offered in the two months leading up to August 1, 2022. A Blockware Intelligence e-newsletter printed on July 29 defined that the peak of the capitulation miners was near. “According to the hash tape metric, Bitcoin is 52 days away from a miner’s capitulation,” the Blockware newsletter said. The Blockware report added:
The peak of a minor’s breakout traditionally marks a bear market reversal.
In the first two weeks of August, it looked like the miners’ capitulation was over and BTC managed to mine $25,212 per unit on August 14th. BTC has lost 14.58% since August 14 and it is currently down 69% from the unit value of $69,044 recorded on November 10, 2021. The previous week, Bitcoin mining problem increased by 0, 63%, making it harder for miners to find BTC blocks and with the cost going down, bitcoin mining is much less attractive immediately than it was 5 days in the past.
Bitcoin Hashrate Soars 46% in Past 24 Hours After Current Issue Improves
Despite the escalation of the issue, after hovering below the 200 exahash per second (EH/s) zone at 182.40 EH/s on the eve of August 18, 2022, BTC’s hashrate soared to 267.40 EH /s. That’s a 24-hour increase of about 46.60% above the 182 PE/s recorded on Thursday afternoon (EST).
Using the current issuance parameter, the current market value of BTC, and a value of around $0.12 per kilowatt-hour (kWh), a Bitmain Antminer S19 XP with 140 terahash per second (TH/s) can earn income estimated at $4.85 per day. The Microbt Whatsminer M50S launched in July with 126 TH/s can generate an estimated income of $2.74 per day according to current market statistics.
What do you think of the miners promoting 5,925 bitcoins in the last two weeks? Do you think the miners’ capitulation is over or will it continue? Let us know what you think about this topic in the comments section below.
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