As the crypto-winter severely affected the price of all cryptocurrencies, the mining industry also suffered a great loss. Bitcoin miners struggled to generate a profit over the last few months thanks to the same. In fact, soaring electricity prices across the globe were also to blame for this situation.
However, Glassnode’s latest datasets seem to suggest that the stress level of miners has reduced, when compared to the last few months.While Ethereum miners are in a tough spot due to ETH’s shift from PoW to a PoS consensus mechanism in September, good news came in for Bitcoin miners. After hitting a low in June 2022, the king of cryptos has been steadily rising since. In fact, BTC climbed to as high as $24,000 on the charts.
Miners’ stress reached its 2022 peak during the crash in June. The same soon gather some southbound momentum as BTC saw some incline, gradually welcoming better days for miners in the process. The same has corresponded with a “notable decrease in miner distribution to exchanges in recent weeks.”However, there has been a notable decrease in miner distribution to exchanges in recent weeks.