Bitcoin news

Bitcoin miners keep piling up and approaching ATH

According to on-chain analytics provider Glassnode, the amount of bitcoin miners is currently just 500 BTC below the all-time high (ATH) of 1,778 million BTC recorded in December 2020.

Glassnode explains that “this BTC was given to miners as a reward for loosing a block, but was never used in the chain”.

Miners have been gathering since March 2020 after a massive sell-off in the first few months of this year.

Miners keep unspent supplies at ATH

Unused bitcoin supply | Source: Glassnode

It can be seen that this data won’t look good if miners begin closing around the same time as earlier this year. Bitcoin has also been withdrawn from exchanges in recent months, which is another sign of accumulation.

Profit ktwo waterfalls decrease, hashrate increases

Follow BitInfoCharts, mining profitability has actually declined since mid-October, down 52% from $ 0.49 per day per TH / s (terahashes per second) on Nov. 9 to $ 0.235 today. Profitability is currently at its lowest level since late June when the hash rate dropped after miners left China.

The hashrate currently seems pretty stable at 173.7 EH / s (exahashes per second). This is a measure of the network’s computing power, which has increased 150% since it dropped to 69 EH / s in late June.

According to BitInfoCharts, Bitcoin’s average hashrate is currently only 14% below its May 13 ATH of 197 EH / s. On December 16, Glassnode reported that the difficulty of mining Bitcoin is only 3.5% below the ATH level.

“It took 180 days to almost completely recover from 52% of hash power offline during the Great Migration.”

Difficulty, which is a measure of the complexity of doing math for block rewards or finding a hash under a specific goal, has increased since mid-August when more miners battled for the stock reward.

Bitcoin price outlook

Bitcoin price had a not very good first day of the week, down 2.4%. At press time, Bitcoin is trading at $ 45,947, down 5.6% over the past seven days.

Bitcoin miners keep piling up and approaching ATH

Bitcoin price chart | Source: Tradingview

Currently, Bitcoin has slipped below support at the 200-day moving average (200-day MA) and an ominous “death cross” is nearing the faster 50-day MA.

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It can be seen that this data won’t look good if miners begin closing around the same time as earlier this year. Bitcoin has also been withdrawn from exchanges in recent months, which is another sign of accumulation.

Source: https://news.coincu.com/47551-bitcoin-miners-keep-piling-up-and-approaching-ath/

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