107087427 1657631786500 gettyimages 1235927077 AFP 9PH9W8 Hundreds of crypto miners drop out as Bitcoin prices plummet

Hundreds of crypto miners drop out as Bitcoin prices plummet

– Miners are rapidly exiting their bitcoin positions.
– 14,000 bitcoin, worth more than $300 million, was transferred out of wallets belonging to miners in a single 24-hour period at the end of last week.
– In the last few weeks, miners have offloaded the largest amount of bitcoin since Jan. 2021.
– The phenomenon is called “miner capitulation.”
– Miner capitulation typically indicates that miners are preparing to sell their previously mined coins in order to cover ongoing mining expenses.
– Bitcoin is currently trading around $21,600, up about 3% in the last 24 hours.
– Meanwhile, inflation is on a tear, and the cost of energy is hitting record highs.
– Lower bitcoin prices and higher energy costs are compressing profit margins for miners.

 

 

107087427 1657631786500 gettyimages 1235927077 AFP 9PH9W8 Hundreds of crypto miners drop out as Bitcoin prices plummet
Hundreds of crypto miners drop out as Bitcoin prices plummet 3

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