News

Bitcoin Miners’ Wallet Balances Continue To Fall

According to Glassnode’s analysis of on-chain data, bitcoin miners’ wallet balances have dropped significantly to January 2022 levels.

According to Glassnode, the balance of bitcoin miners on wallets began 2022 at 1.82 million BTC and has now returned to its previous level.

“In 2022, the cumulative amount of bitcoin mined by miners has exceeded the volume sold, wiping out any increase in miners’ previous balances,” Glassnode said.

Miners amassed a large amount of bitcoin in July 2022, reaching a two-year high. However, the market plummeted following the crisis caused by the collapse of Terra (LUNA) and the bankruptcy of the FTX exchange. Many miners claim they have run out of funds to keep operating.

Many miners sold large amounts of BTC they had accumulated for money.

The hash rate has also begun to fall in recent weeks, indicating that miners’ interest is waning.

Change in bitcoin miners’ wallet balances has fallen to levels seen in early January, implying that if the sell-off continues, proof-of-work miners may face even worse outcomes in the future.

Due to rising energy costs and a sharp drop in bitcoin prices, 2022 will be a difficult year for proof-of-work mining. As a result, miners have been forced to sell large amounts of cryptocurrency.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Chubbi

Coincu News

Chubbi

Recent Posts

Qubetics Presale Price Surge Approaches: The Best Coins to Invest in Right Now While Toncoin, and XRP Gain Traction

Discover why Qubetics, Toncoin, and XRP are the best coins to invest in right now.…

11 minutes ago

Book of Meme Old News? This Best Meme Coin to Invest in 2024 Is Multiplying Gains Like a Champ

Over the years, meme coins have evolved from inside jokes into serious investment opportunities.

1 hour ago

Time’s Ticking on BlockDAG’s 5-Tier Bonus- Few Days Left to Grab It While Cardano Whales Take Action, Aave Rallies Strong

Discover BlockDAG's five-tier bonus program's closing phases that enhance buyer holdings. Gain insights on the…

2 hours ago

Best Altcoins to Buy for 2025: Qubetics Presale Surge, Solana’s Lightning Speed, and Cardano’s Blockchain Revolution

Discover why Qubetics, Solana, and Cardano are redefining the crypto landscape. Learn about milestones, price…

2 hours ago

Why Qubetics, NEAR Protocol, and IMX Are Dominating Crypto: The Best Altcoins to Join Today for Game-Changing Returns 

Discover why Qubetics, NEAR Protocol, and Immutable X are the best altcoins to join today,…

4 hours ago

Bonk’s ICO Was Just the Start: Why BTFD Coin’s Stage 7 Price Rollback Is Your Second Shot at Crypto Glory

BTFD Coin is offering a chance to relive the glory days of meme coin investing,…

5 hours ago

This website uses cookies.