Bitcoin‘s massive correction triggered a series of sell-offs in the cryptocurrency market. This has directly affected HODLers. In fact, Bitcoin miners have turned into net sellers of the king token, with miner inventories dropping to new lows.
But as the crypto shows some signs of recovery, can it convince the miners to return?
What’s in it for me
Bitcoin miners have been distributing their BTC holdings during the recent sell-off, albeit at a slower pace as compared to how it was in early 2022. And, this is mainly to survive the rising costs. Many even took loans to afford expensive mining equipment to carry out operations. But now, things might be getting out of hand as highlighted by Bloomberg in a 24 June study.
The prolonged slump in Bitcoin made it more difficult for some miners to repay up to $4 billion in loans, backed by their equipment. This indeed posed a potential risk to major crypto lenders. Here are some of the indicators that might signal this grim scenario regarding Bitcoin miners.
Source: https://ambcrypto.com/is-bitcoin-btc-doing-enough-to-allure-deeply-affected-miners/
Topic: [2022-06-25]Is Bitcoin [BTC] doing enough to allure deeply-affected miners (Read 4 times)
June 25, 2022, 03:03:00 PM
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