The rising operational costs and lower rewards are taking its toll on Bitcoin miners but it isn’t at catastrophic levels by any means, according to a cryptocurrency analyst.
“About 5% of mining hashrate is struggling about the moment,” Check explained, referring to the amount of processing and computing power being given to the network through mining.) miners are “likely” to be distributing some of their holdings, but it doesn’t appear to be a “complete and total firesale.”
Check suggested that while miners may be treading water right now, at worst, they may be breaking even as they mine new Bitcoins to cover operational costs.“Miners might be treading water up here, they may not be full-scale bear market level capitulating, probably just treading water, they mine 10 Bitcoin, they sell 10 Bitcoin,” Check said, following other analysts comments in recent times about the lack of profitability for Bitcoin miners.
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