Miners sell 8,000 BTC in September, Difficulty falls again after record high

Miners sell 8,000 BTC in September, Difficulty falls again after record high

The persistently low prices of Bitcoin (BTC) are causing more and more problems for the miners, which is why they are now selling massively again.

As Glassnode data shows, monthly Bitcoin miner sales totaled over 8,000 BTC in September.

Miners have to sell

Even in June, when the price of bitcoin fell to a multi-year record low of $17,600, less BTC was sold by miners than it is currently.

Bitcoin miners are down a whopping 8,650 BTC over the past month, according to Glassnode, which tracks the change in miner fortunes over a 30-day period.

Changes in assets of bitcoin miners. Source: Glassnode

Although the selling velocity slowed towards the end of the month, miners are currently still selling more than they are taking in.

As of September 29, the latest date on which the Data are fully tracked, miners are down a total of 3,455 BTC over the past 30 days, with a one-month low in transactions on crypto exchanges recorded over the same period.

Miner transactions on crypto exchanges. Source: Glassnode/ Twitter

Even the media have taken notice of the scarcity of mining assets, with Reuters even seeing the industry “trapped in the bear’s den”.

“For bitcoin miners, the profit margin has been getting smaller and smaller. The Bitcoin price has fallen, mining difficulty has risen and electricity prices have gone through the roof,” as quoted by the news portal Joe Burnett, Blockware’s chief analyst, in view of these developments.

Since the Bitcoin price could lose even further in the medium term due to the global economic situation, the miners are far from off the hook.

This could continue the “capitulation” that actually came to an end in August after gains were made again in the meantime.

Difficulty cools off after record high

But the fundamentals give the mining industry hope that the situation will improve soon.

For example, mining difficulty automatically corrected down 2.14% on Sept. 28, the first decrease since July.

The mining difficulty level, which is one of the most important key figures providing information about the health of the Bitcoin network, recently set a new record high.

In two weeks this general upward trend could then continue again, but the price development of Bitcoin also plays a decisive role in this regard.

Bitcoin’s hashrate, meanwhile, which is closely linked to difficulty, is hovering slightly below recent highs, but is also hovering near record highs, according to data from BTC.com and MiningPoolStats.

Bitcoin fundamentals at a glance (screenshot). Source: BTC.com

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