Will Bitcoin Miners Capitulate? Is Bitcoin in Danger?
As selling pressure and market volatility rise, the Bitcoin price is having a hard time recovering.
The declining BTC price has also led to an all-time high (ATH) mining difficulty for Bitcoin miners.
Experts, however, have raised concerns that the miners might capitulate again.
According to Cryptoquant, the mining difficulty for Bitcoin is exceptionally high. Since this is a direct result of the rising costs, it is clear that the current environment is unfavorable to conducting business.
This is the primary cause of the reduced output of the mining industry.
Furthermore, it was noted that this marked the first significant drop in Bitcoin hashrate in months. Probably a sign of miners giving up.
This, however, may also be a sign that things are about to bottom out.
Unfortunately for miners, this climate has been brought about by rising inflation and falling Bitcoin price.
On the other hand, the latest findings may not agree with those from the past.
To better prepare for the subsequent adjustment, which is expected to occur around December 6th, miners can benefit from a mining difficulty adjustment on the positive side.
In the past 30 days, the value of Bitcoin has dropped by a staggering 23%.
At the time of publication, the median price of a bitcoin was $16,219, with a 31% increase in 24-hour trading volume, which now stands at $24.9 billion.
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