Bitcoin
Bitcoin Mining – See Why This Group Is Still Holding on as BTC Drops Below $70K
- Bitcoin miner reserves have risen to their highest level since April.
- BTC has fallen below $70K once again.
Recently, Bitcoin [BTC] The mining difficulty has decreased, but miners’ income has also decreased.
Despite this drop in revenue, miners have not yet started selling their holdings, even as BTC has fallen below the $70,000 mark. They are choosing to hold onto their Bitcoin for now.
Bitcoin Mining Revenue and Difficulty Decline
According to data from Blockchain.com, Bitcoin the mining difficulty remained stable for several days.
Analysis of the graph shows that the difficulty began to decrease around May 7th and continued until May 10th. Since then, it has stabilized.
This implies that solving the block puzzle to add new blocks now requires less time and fewer resources.
Furthermore, more than 30 days ago, BTC mining revenue rose to more than $107 million, but then suffered a sharp decline, dropping to $26.4 million on May 1.
At press time, it was trying to recover, likely supported by the recent rise in BTC prices, and was sitting at around $34.1 million. This revenue level is similar to December 2023.
Increase in the value of the mining reserve
AMBCrypto Review Bitcoin miner reserve indicated that it has remained stable over the past few days, holding around 1.816 million BTC at press time.
Although there have been occasional drops, the reserve has maintained this level since May 6th.
However, the value of this reserve has increased significantly in recent days. The graph showed that the value of the reserve increased from approximately $120 billion to over $129 billion on May 20.
As of this writing, the value of the reserve is about $129.2 billion.
Source: CryptoQuant
Bitcoin drops below $70,000
The increase in the value of Bitcoin miners’ reserve is due to the increase in BTC prices. On May 20, the price of BTC rose from around $66,000 to over $71,000, an increase of over 7%.
To read Bitcoins [BTC] Price prediction 2024-25
However, at press time, BTC had fallen to approximately $69K, down 2% in the last 24 hours.
This price range means that miners’ holdings have become more valuable, even if the volume of their holdings has not increased significantly.