Bitcoin miners suffer at the lowest level in 12 years – but why don’t they sell? star-news.press/wp

• The total bitcoin duties has reached its lowest level in 12 years, with great profitability of miners.
• PUELL MOUNTIONS at 1.2 of the proposed miners earn 20 % higher than long -term averages.

As Bitcoin (BTC) hovers near $ 107,000, both short -term and long -term are still in a comfortable profit.

But miners? They are grinding in one of their most difficult courses in more than a decade.

3 reasons make bitcoin miners record low profits

according to AlfrakalThere are three main reasons that make the profitability of mines historically low.

For beginners, the total fees paid on the Bitcoin network are at their lowest levels since 2012. At a 12 -year -low, this decrease in fees is mainly driven by low activity on the series in this course.

Source: alphractal

When the network activity decreases on the chain, this means low revenues of miners, as is currently shown in the market.

At the same time, the retail rate decreased, but the difficulty has not. This is unusual.

Source: alphractal

The network has not yet been set, which puts more strict pressure on the margins. This is likely to be due to large mining operations that close ASIC machines due to low revenues and low demand for network.

High retail volatility is usually a red sign of the lack of a network and uncertainty in miners. As a result, miners see adjusting a declining difficulty as ineffective miners are forced to get out of the market.

Source: alphractal

Bitcoin miners are still not selling

It is interesting, while mining operations are difficult, miners have not started selling.

Source: Cryptoquant

According to Cryptoquant data, the Miner to Exchange flow decreased to a monthly level of 795.5 BTC as of June 29. This is a clear indication that carries miners, even while it is underwater.

However, what is noticeable is a major shift from previous sessions.

During the previous sessions, miners were sold when prices rise and during periods of high Blockchain activity. This time, they remain in a position despite the high BTC prices and low network activity.

So … why don’t they sell?

It is summarized in one thing: there is no strong reason for.

Source: Checkonchain

Despite the low profits, miners still make enough to stay on his feet. The multiple Puell reached 1.2, which means that the profits of miners are 20 % higher higher than historical averages, despite the bad conditions in the market.

Press price on BTC?

Undoubtedly, the low sale by important players in the market, such as miners, is an introduction to high prices. When this group stops selling, it reduces the downward pressure on BTC, creating a more stable environment for further growth.

Therefore, if miners continue to carry their bitcoin currency, regardless of difficult mining conditions, it offers BTC to make more gains. However, if these conditions continue, BTC will try to get out of its current unification and target $ 109,000.

However, if miners find incentives for sale, this will lead to high pressure pressure, causing dumping pressure on BTC.

In this case, a collapse of the last upward trend will occur, which leads to a decline to $ 104,000.