Bitcoin Miners In Distress: Mass Sell-Off Sends BTC Price Tumbling To $61,000

The winds of change are howling through the Bitcoin blockchain. Since the April 19th halving, a pre-programmed event that cuts miner rewards in half, the digital gold rush has hit a snag. Miners, the lifeblood of the network tasked with verifying transactions and securing the blockchain, are facing a harsh reality – their revenue has […]

Jun 24, 2024 - 21:00

Bitcoin Miners In Distress: Mass Sell-Off Sends BTC Price Tumbling To $61,000

The winds of change are howling through the Bitcoin blockchain. Since the April 19th halving, a pre-programmed event that cuts miner rewards in half, the digital gold rush has hit a snag.

Miners, the lifeblood of the network tasked with verifying transactions and securing the blockchain, are facing a harsh reality – their revenue has been slashed in half. This drop, coupled with record-low revenue per terahash per second (TH/s), has triggered a miner exodus, impacting Bitcoin’s price and network security.

The Great Hash Exodus: A Threat Or Opportunity?

The immediate consequence has been a mass exodus of miners, particularly those with less efficient rigs. Data from IntoTheBlock shows miners selling over 30,000 BTC, valued at nearly $2 billion, since June alone. This fire sale has undoubtedly contributed to Bitcoin’s price slump, which currently sits around $61,140 after failing to breach the $69,000 resistance zone in the past two weeks.