Bitcoin Miners continue to feel the crunch, and the space companies are selling more coins than usual, achieving their goals.
Data company Cryptoquant said in a report Tuesday that miners increased sales last week as the biggest cryptocurrency prices fell below $80,000.
The company said on April 7 that the miners sold a total of 15,000 BTC. This is the third biggest daily leak of this year. This is worth at least $1.12 billion based on a daily low price of less than $75,000.
The rise in market volatility in both the stock market and the crypto sector was primarily driven by President Trump’s unstable announcements on tariffs, with traders surely on how to act.
Minerusually a large industrial business of specialized computers, processing transactions and minting new coins in cryptocurrency networks will pay off with new bitcoins for their work.
However, when the price of coins gets hit, they may struggle to cover the costs and be forced to sell more coins to keep their business running.
“Miner margins are under pressure at low prices, but there is also a record Bitcoin network hashrate. This means an increase in mining costs, dropping from 53% in late January to 33% today,” Cryptoquant said.
The company added that Bitcoin has remained one of the most bullish stages since November 2022. Bitcoin Hit a new high He struggles to exceed $90,000, out of the roughly $109,000 per coin before President Trump’s inauguration.
Bitcoin is Trade now At nearly $83,800, Coingecko shows it’s just a modest jump of 1% over the last 30 days. However, it’s an almost 9% increase since last week, after diving has reached nearly $75,000.
President Trump It was promised To support the crypto industry, especially the Bitcoin miners. And while the new commander approved the National Bitcoin Strategic Reserve and his SEC abolished many well-known lawsuits against crypto companies, mining is a tough business.
Miner Miners This year disrupt meetings I said Decryption The industry will continue to struggle as mining difficulties and costs increase.
edit Andrew Hayward
