Bitcoin mining was booming at one point and now many miners are selling their coins because they are strapped for cash. Many are also selling company shares as bitcoin prices are falling due to increased competition from other currencies.
As of February 15th, bitcoin prices have been in a holding pattern within a range of $43,500. This is a third lower than the all-time high price of $69,000. Miners who are selling now are doing so at an inopportune time. But grocery and electric bills must be paid. According to Glassnode, an analytics firm, data indicates that bitcoin holders have become sellers after hanging on to their currency stash for a long time.
Since November 9th, 2021, the returns on mining a single Bitcoin have gone down 50% on average. This is in context of the two very popular mining devices the S19 and Antminer S9. This data was provided by Arcane Research, a blockchain related research firm. ROI has decreased faster than BTC prices.
A major rise in crypto hashing rates led to low mining profitability. Competition also increases in proportion among miners because a lot more devices are looking for the next block. Many mining operators are choosing to pay bills by selling stocks. On February 13th, Bitcoin hash rates reached a new all-time high with 284.11 exhashes per second in a 24-hour period. Marathon digital Holdings, a mining company told a Bloomberg News reporter that they started hodling in October 2021 and haven’t sold any Satoshi since then.
