Miners leaving China are putting pressure on bitcoin price. This is the conclusion reached by the analysts of the Glassnode resource. According to experts, miners located outside of China have almost no effect on the value of the cryptocurrency.
Moreover, given the drop in the network hash rate, the difficulty of mining cryptocurrency will soon fall by 25%. This, analysts say, will put working miners in an even better position.
According to experts, the average income from Bitcoin mining over a weekly interval is about $ 20.7 million per day. For example, this is more than 150% higher than at the time of the 2020 halving.
At the same time, the logistics costs and risks of Chinese miners are growing, given the repression by the Chinese authorities. According to Glassnode, the costs of Chinese miners are likely to persist for several more months. Whether spending will continue to put pressure on bitcoin, however, remains to be seen.
Compared to 2020 and the first quarter of 2021, the pressure on the bitcoin price from miners is now noticeably less, analysts say. So, as of June 2021, miners brought to exchanges an average of 180-200 BTC per day.
Meanwhile, as Santiment found out, a wave of bearish signals covered bitcoin. A negative trend is signaled not only by social sentiment, but also by a decrease in daily active addresses in the blockchain network.
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