Bitcoin Miner Sale High in Seven Years! More Bankruptcies Are Coming!

While the collapse of FTX caused many investors to lose, it also Bitcoin (BTC) and cryptocurrencyalso brought about a decline.

BTC and altcoinNew lows were seen as volatility increased after the FTX collapse in the last few years.
Falling prices caused both investors and miners to have a hard time.

Because the falling prices were insufficient to meet the expenses of the miners. This has caused many mining companies to turn to sell the Bitcoins they produce and hold.

falling prices and BTC Evaluating the sales of miners, cryptocurrency analyst Charles Edwards pointed out that this is the first time such aggressive miner sales have been seen in about 7 years.

BTC Stating that miners have not made such aggressive sales since the 4th quarter of 2015, the analyst said that the mining industry is having a hard time.

The analyst, who also shared the graphic on the subject on his Twitter account, used the following statements:

“Looking at the chart, what you see is a complete Bitcoin miner bloodbath. The most aggressive miner sales in almost 7 years. Miners’ BTC sales increased by 400% in just 3 weeks!

If the price doesn’t rise soon, we will see many Bitcoin miners go bankrupt.”

Charles Edwards, who criticizes the “mine and hodl” strategy of BTC miners and states that they should change it “What we are seeing is not sustainable. Mine-and-hodl is no longer a viable strategy for a Bitcoin miner. Miners are paying the consequences of the ‘never sell’ arrogance that was common only 6 months ago. You need to constantly manage your Bitcoin position in this market.” said.

For exclusive news, analytics and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android and iOS Start live price tracking right now by downloading our apps!

source site-5