- BTC has fallen to the $62,000 price range.
Miners are feeling the heat as revenue drops to record low.
As a seasoned crypto investor, I’ve seen my fair share of market fluctuations and the impact they have on various sectors within the ecosystem. The recent dip in Bitcoin’s price to the $62,000 range and the record low revenue experienced by miners is a stark reminder of the volatile nature of this asset class.
As a researcher studying Bitcoin [BTC], I’ve noticed that we’re currently witnessing a pivotal period for this cryptocurrency. The unstable price fluctuations and the economic circumstances affecting its miners are clear indicators of this significant phase.
In the past several days, miners have experienced a significant drop in earnings for possible reasons.
Furthermore, miners have observed a reduction in their stored supplies, possibly because they’ve had to liquidate resources for business expenses or capitalized on volatile market trends.
Bitcoin miner revenue hits record low
As an analyst examining the Bitcoin miner revenue chart on Glassnode, I’ve observed a noticeable decrease in mining earnings over the past 24 hours according to AMBCrypto’s analysis.
As a researcher, I discovered that by the close of the 23rd of June, our earnings amounted to roughly 365 Bitcoins. Considering the Bitcoin closing rate for that day was approximately $68,000, this equated to around $23 million in US dollars.
At first sight, this may appear to be a significant number. However, upon closer examination, it becomes clear that this is an anomaly, departing from the usual standard.
Delving deeper into the Bitcoin miner revenue graph, I’ve noticed a substantial decline in the latest revenue figures compared to the historical trends.
Based on historical data from the chart, revenues had last been close to the current level of approximately 388 BTC back in the year 2021.
As a researcher examining mining industry trends, I’ve discovered that the latest revenues have reached an all-time low, breaking the previous record established in 2021.
Bitcoin miner reserve follows the same pattern
According to Glassnode’s findings, Bitcoin miners have seen a steady decrease in earnings, signaling larger issues within the mining industry.
Although the revenue remains roughly around the $19 million mark, there have been slight but noteworthy decreases observed.
At the same time, research on bitcoin mine reserves shows a decrease. This implies that miners have had to dispose of their Bitcoin stocks in order to cover expenses or lessen financial setbacks.
The decline in Bitcoin reserves can primarily be explained by the recent Bitcoin halvings, which cut in half the incentives for miners to add new blocks to the chain, and the ongoing slump in Bitcoin’s market price.
BTC continues to break support
As a researcher studying Bitcoin’s price trends, I’ve observed an intriguing pattern. Previously robust support levels have transformed into formidable resistance levels. Each time Bitcoin surges past a former support level, it creates a new resistance barrier.
Since Bitcoin dipped beneath the $66,000 mark, that price point has emerged as a noteworthy hurdle in its advance.
Read Bitcoin’s [BTC] Price Prediction 2024-25
By the end of trading on the 23rd of June, Bitcoin was down to roughly $63,171, representing a decrease of about 1.6%.
At the present moment, the price remained low, hovering around $62,880 on the charts following additional drops.
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2024-06-24 15:03