According to the latest information on the chain, Bitcoin miners refuse to download their BTC holdings even though profitability has historically low.
BTC transaction fees at the lowest level since 2012
In a new post on X, blockchain analysis company Alphractal revealed That Bitcoin miners still adhere to their reserves despite the decline in revenue. The data platform on the chain discussed the reasons behind this trend and its potential consequences for the BTC mining industry.
First, Alphractal highlighted activity in the chain in this cycle as one of the reasons behind the significant decline in miners. As a result of the reduced activity, the total transaction fees paid in the Bitcoin network have dropped to its lowest levels since 2012.
Market Intelligence Platform also mentioned that the mining problems have remained high although Hash Rate has recently witnessed a drop. Usually there is a direct relationship or a positive correlation between Hashrat and the mining care. According to Alphractal, however, this latest delay or dissociation exerts additional grounds profitability and delays network equilibrium.
In addition, Alphractal at X revealed that Bitcoin-Hash-Speed Volatility has reached new holidays. This, in principle, means that the network witnesses the highest hash frequency fluctuations or the changes in its history.
Blockchain Analytics company added:
This is likely to be caused by large mining operations being shut down by ASIC machines, possibly due to falling revenue and low demand for networks.
Source: @Alphractal on X
Despite the network revenue and the high mining problems, the sales pressure from miners have remained at low levels. As produced by the Low Miner Sell pressure measurement, this indicates that miners do not aggressively release their holdings for profit.
Alphractal admitted that the low sales pressure sales pressure is a positive sign, especially for the price of bitcoin. The Blockchain company noted the possibility that some mining pools scale down its operations in response to the reduced activity in the Bitcoin network. “Since BTC is buying over $ 107K, we can simply witness miners redistribute their hash power to adapt to current demand,” added alphractal.
Usually BTC -Druggers tend to Sell their coins for profit During periods of rapid price increases and high blockchain activity. However, Alphractal considers that the current absence of both suggests an adjustment period rather than capitulation among the miners.
Bitcoin price
From this writing, BTC is valued at about $ 107,375 and continues its sideways movement with a only 0.3% increase over the past 24 hours.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Image from iStock, chart from tradingview
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