Bitcoin miners' assets drop sharply on Feb 5th; signals downturn
Date
2/12/2022 4:49:02 AM
(MENAFN) Some Bitcoin miners are exchanging their diamond hands for pickaxes and spades.
According to crypto monitoring firm Glassnode, a gauge measuring Bitcoin miners' assets dropped sharply on February 5 for the first time since the middle of November.
The shift in the measurement — or the overall shift in miner holdings during a timeframe of 30 days— indicates that miners have traded their currencies, presumably indicating a downturn toward less operational processes.
According to Delphi Digital, miners have been accumulating onto their inventories for months; even while values plummeted near USD35,000. nevertheless, with Bitcoin currently hovering around 35 percent down from all-time-high in November, miners with high-cost assests are under stress to maintain control of their financial holdings while simultaneously investing in more robust gear.
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