Over the past few months, many miners have faced major challenges to remain profitable and continue mining. Bitcoin [BTC]Miners continue to face one challenge after another due to rising hashrates and soaring energy prices. And his one such minor happens to be Core Scientific.
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where is my mine
Core Scientific, one of the largest blockchain miners, released a statement suggesting they may have to. explore bankruptcy. Mining organizations expected existing cash resources to be depleted by the end of the year, possibly sooner.This is because the top public is Bitcoin Miners may be affected by the bear market.
As you can see from the image below, the top 10 public Bitcoin miners account for 18% of the total hashrate of the entire Bitcoin network.with the increase Increase in energy prices and hashrate, Miners will be forced to sell their BTC to make a profit.This rising Bitcoin selling pressure could have an impact Bitcoin negatively.
However, despite the ongoing selling pressure miners face, miner revenue generated by fees has shown some growth over the past few days, according to data from an on-chain data intelligence platform. of the glass node According to data, miner revenue generated by fees collected hit a one-month high on October 29. Selling pressure on miners may decrease if revenues continue to increase.
See behind the scenes of mining
Bitcoin miner earnings also depended on the growth of Bitcoin. According to Messari data, bitcoin Realized volatility has decreased significantly in the past. Additionally, the figure has dropped 67% since July, making BTC less risky for investors.
Since peaking in early July, Bitcoin and Ethereum’s realized volatility has dropped 67% and 63%, respectively. pic.twitter.com/jmCiR7bT4c
— Messari (@MessariCrypto) October 28, 2022
Another positive indicator of Bitcoin’s growth potential may be that Bitcoin’s overall profit supply has witnessed some growth. Did. October 29th.
— Glassnode Alerts (@glassnodealerts) October 29, 2022
Despite these positive indicators, whales showed apathy BitcoinAs you can see in the image below, the number of addresses holding 100 bitcoins or more is decreasing. BTC’s price will be adversely affected if large addresses continue to let go of Bitcoin.
At the time of writing, Bitcoin is trading at $20,770, up 0.2% over the past 24 hours. According to CoinGecko.