With the current Bear Market in effect, it is starting to take its toll on everyone. Now it has also started to affect the Bitcoin miners.
Bitcoin prices are affecting everyone
The current four-year low Bitcoin price is starting to take its toll on even the miners. During the year's first four-month the Publick Miners sold on average 30% of their mined coins. But in May things suddenly shifted into high gear and they sold all mined coins.
Many are even speculating that we will see even more selloffs this and in the coming months. As it is likely that the low price has eaten up any reserve the companies might have had, and forced them to sell off to keep the lights on.
While the public miners only account for about 20% of the total hashrate mining Bitcoin. Their actions are often seen as an analog for the Bitcoin mining community as a whole.
Another sign of how the low Bitcoin price is affecting the miners is the 14% drop in hashrate, that we have seen over the past two weeks. This is most likely due to people with higher electricity prices turning off their miners, as not to mine with a loos.
We have seen a somewhat stable Bitcoin price the last week or so sitting at just above 20k. But will that be the case if the Bitcoin miners all start to unload their coffers? How much downwards pressure can the 20k support Bitcoin has take, before it will capitulate?
What are your thoughts on this, will the Bitcoin price keep stable or will it fall even lower? Please share your thoughts on this in the comment section down below.
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