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Bitcoin could be seeing less selling pressure from miners in the near term due to an increase in the profitability of this cohort of market participants and the recovery of their hashrate following the cryptocurrency’s rally to the $69,000 range., the Bitcoin network hashrate recovered while BTC had its latest rally. The metric’s drawdown from its all-time high is now 3%, compared to 8% on July 9.
CryptoQuant warned that miners might face the risk of remaining at “depressed levels” with regard to fees because their profitability is too dependent on bitcoin’s price.Miners' Bitcoin Stash Dwindles to Levels Unseen Since Satoshi EraOne Weekly Email Can Change Your Crypto Life.Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments.
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