The mining rate currently stands at around 226 Exahash.
BTC mining revenues are declining sharply amid market correction.
On Saturday, Bitcoin dipped below $29,000 for the first time in June 2022 after a price drop of approximately 5% on 10 June. While BTC’s price is struggling to gain any sort of momentum, its hash rate is eyeing another all-time high above 230 Exahash.
According to the latest data published by Blockchain.com, the Bitcoin hash rate currently stands at around 226 Exahash. The figure has increased substantially since the start of June 2022. Additionally, the BTC network difficulty level has climbed in the past week.
However, miners are struggling with revenues. The difficulty level of 30.283t and declining prices have made it difficult for miners to maintain high revenues.
“We are seeing miner revenues decline substantially, despite the climbing difficulty. This suggests that miner operations have expanded, capital has been spent, and production costs have increased as revenues are falling off. As profit multiples compress across the board and financial stress increases, the highest probability is that the market is within the second and historically final capitulation phase of a Bitcoin bear market,” Glassnode noted in its weekly report.
Profitable Bitcoin Supply
Bitcoin miners are not the only ones facing the heat of BTC’s price dip. According to Glassnode, most of the BTC holders who have purchased the crypto asset in the last 18 months are currently facing unrealized losses. BTC’s short-term supply in a loss is currently oscillating between 16% and 18%.
“At the moment, almost 58% of the circulating supply is in profit while in the last three market capitulations this metric fell down to <50% levels. STH-Supply in profit is just 2.2% meaning the short-term holders are almost entirely at a loss. Meanwhile, LTHs have seen their share of profitable supply drop from 68.5% in April to 55.7% today, indicating they are currently shouldering much of the market's unrealized losses,” Glassnode explained.
On Saturday, Bitcoin dipped below $29,000 for the first time in June 2022 after a price drop of approximately 5% on 10 June. While BTC’s price is struggling to gain any sort of momentum, its hash rate is eyeing another all-time high above 230 Exahash.
According to the latest data published by Blockchain.com, the Bitcoin hash rate currently stands at around 226 Exahash. The figure has increased substantially since the start of June 2022. Additionally, the BTC network difficulty level has climbed in the past week.
However, miners are struggling with revenues. The difficulty level of 30.283t and declining prices have made it difficult for miners to maintain high revenues.
“We are seeing miner revenues decline substantially, despite the climbing difficulty. This suggests that miner operations have expanded, capital has been spent, and production costs have increased as revenues are falling off. As profit multiples compress across the board and financial stress increases, the highest probability is that the market is within the second and historically final capitulation phase of a Bitcoin bear market,” Glassnode noted in its weekly report.
Profitable Bitcoin Supply
Bitcoin miners are not the only ones facing the heat of BTC’s price dip. According to Glassnode, most of the BTC holders who have purchased the crypto asset in the last 18 months are currently facing unrealized losses. BTC’s short-term supply in a loss is currently oscillating between 16% and 18%.
“At the moment, almost 58% of the circulating supply is in profit while in the last three market capitulations this metric fell down to <50% levels. STH-Supply in profit is just 2.2% meaning the short-term holders are almost entirely at a loss. Meanwhile, LTHs have seen their share of profitable supply drop from 68.5% in April to 55.7% today, indicating they are currently shouldering much of the market's unrealized losses,” Glassnode explained.
Bilal Jafar holds an MBA in Finance. In a professional career of more than 8 years, Jafar covered the evolution of FX, Cryptocurrencies, and Fintech. He started his career as a financial markets analyst and worked in different positions in the global media sector. Jafar writes about diverse topics within FX, Crypto, and the financial technology market.
Bitget's Bitcoin Reserve Ratio Soars Over 300% Following Halving
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
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20-22 MAY 2024
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#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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