Most crypto miners have endured massive hurdles to proceed with Bitcoin mining and retain profits within the past few months. Considering the surging energy prices and heightening hashrate, miners suffer extended difficulty. Core Scientific is among the miners experiencing such obstacles.
What About the Mine?
Core Scientific is among the leading blockchain miners. It declared staring into bankruptcy. The mining firm expects its existing cash resources will exhaust by 2022 end. That might show that leading public miners could have felt the bear market heat.
Messari shows that the top ten public BTC miners account for 18% of the overall hashrate of the BTC blockchain. Considering the surging hashrate and soaring energy costs, miners might have to sell Bitcoins for profit.
The increased selling pressure might result in a negative effect on BTC prices. Though miners suffered continued sell momentum, miner revenue from fees recorded upticks over the past few days.
Glassnode, an on-chain analytic platform, revealed that miner revenue from fees gathered hit a 1-month peak on October 29. A continued increase in generated revenue would trigger reduced selling strength on miners.
The Mining Flipside
BTC miner revenue supported BTC’s growth. Messari data shows that crypto’s volatility plunged considerably over the past few months. Meanwhile, this metric has dropped by 67% since July. That made Bitcoin less risky in that timeframe.
BTC supply in profit also noted growth – another signal of potential upswing for the leading crypto. Moreover, this index hit a 1-month peak on October 29. Nevertheless, whales displayed disinterest in BTC, regardless of these optimistic indicators.
Glassnode reported that addresses with over 100 BTCs declined. Continued offload by leading wallets can translate to plummets in Bitcoin prices. While publishing this content, Bitcoin changed hands at $20,770. The bellwether crypto surged 0.2% within the past 24 hours (CoinGecko data).
Also, the global crypto market capitalization saw minor moves within the past day, hovering at around $1.02 trillion during this publication. Meanwhile, the market volume gained 7.17% within the past day to $88.67 billion.
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