The key misunderstanding with China's purported BTC hashrate dominance

According to CryptoQuant founder Ki Young Ju, Chinese mining pools control 55% of the network hashrate, while US mining pools control 40%.

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China still controls 55% of Bitcoin hashrate despite crypto ban

China remains a major player in the Bitcoin mining industry despite imposing a blanket ban on cryptocurrencies in 2021.

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Bitcoin miner wallets awaken after over 15 years Is this Satoshi?

Five miner wallets that received block rewards weeks after Bitcoin launched have started moving their coins. 

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Bitcoin outperformed nearly every asset class in past year VanEck

VanEck expects Bitcoins long-term bull market to continue, but miners are struggling.

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Dogecoin Miners In Accumulation Mode, But Is This Really Bullish?

On-chain data shows the Dogecoin miners have been accumulating recently. Here’s what this could mean for the memecoin, based on past pattern. Dogecoin Miner Supply Has Been Going Up For A While Now In a new insight post, the on-chain analytics firm Santiment has talked about the role of the miners in the different cryptocurrency markets like Bitcoin and Dogecoin. The indicator of interest here is the “Supply held by Miners,” which, as its name suggests, keeps track of the total amount of tokens that the miners of a network as a whole are carrying in their balance. Related Reading: Bitcoin Toughest Time Over: Why Q4 Could Be A Game-Changer When the value of this indicator goes up, it means the miners are receiving net deposits into their wallets right now. Such a trend implies this cohort may be in a phase of accumulation. On the other hand, the metric registering a decline suggests these chain validators are withdrawing a net number of tokens from their balance, potentially for selling purposes. First, here is a chart that shows the trend in the Supply held by Miners for Bitcoin over the past year: As is visible in the above graph, the Supply held by Miners and the Bitcoin price has shown some correlation during the past year. As Santiment has explained in the post: When miners choose to hold onto their coins rather than selling, its often a sign that they expect prices to rise, which can create positive momentum in the market. However, when they start offloading large amounts, it can put downward pressure on prices. Most recently, the BTC Supply held by Miners has been on the rise again after plunging to relatively low levels earlier. Thus, it would appear that these chain validators may be accumulating once more, which can be bullish for the asset. The relationship that miners show to the BTC price is similar to many other cryptocurrency networks. However, that is not the case with meme coins like Dogecoin. According to the analytics firm: If it’s a very speculative-driven asset, you can often pick up an inverse indication between what miners are doing and where the altcoin is going price-wise compared to Bitcoin. The inverse relationship is visible in the below chart for the Dogecoin Supply held by Miners. From the graph, it’s apparent that the Dogecoin Supply held by Miners had plunged back in January, but what followed this selloff from the miners was a sharp surge in the DOGE/BTC ratio. Related Reading: Altcoin Watch: Mega Whales Are Taking These Alts Off Exchanges Over the last couple of months, the chain validators of the asset have seen their supply register a rapid increase. Given the inverse relationship the metric and the price tend to follow, however, this accumulation could be a bearish sign for the asset. DOGE Price Dogecoin had made recovery beyond the $0.107 mark earlier, but the memecoin has since gone downhill as it’s back at $0.100. Featured image from Dall-E, Santiment.net, chart from TradingView.com

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Bitcoin Price Analysis: Whales, Miners, and Traders Signal Market Stability

The Bitcoin community is currently facing a rather uncertain environment, which is characterized by both stability and opportunities for growth. While the cryptocurrency hovers around the $60k mark as of press time. A recent analysis from CryptoQuant presents various tactics from the new and old whales, miners, and Binance traders that shape the current and […]

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Why crypto miners are ditching debt for equity

Crypto miners are moving away from debt and embracing stock dilution to fuel their AI and HPC ambitions, but the payoff is still uncertain.

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Bitcoin Hashrate Nears Record Levels Amidst Price Decline Details

According to data from CoinMarketCap, the price of Bitcoin (BTC) has taken a nosedive this week falling by 9.03% to trade below the $62,000 price mark. This negative price action brings the assets net gain over the last month to a mere 0.20%, indicating a period equally influenced by both buyers and sellers. As Bitcoin now attempts to find a support level, blockchain analytics platform CryptoQuant has revealed certain elating developments in the token mining space. Related Reading: Bitcoin Miner Capitulation Comes To An End Time To Buy BTC? Bitcoin Miners Hashrate 2% Away From Network ATH On Friday, CryptoQuant shared on X that the Bitcoin miner hashrate has been on the rise this last week, reaching as high as 604 exhashes/second (EH/S). According to the analytics team, this value represents a 6% gain from the lows on July 9 but remains 2% off the network’s current all-time high hashrate value.  Cryptoquant report states that Bitcoin miners are currently enjoying a better pay condition compared to April as daily mining revenues have grown by over 50% since early July, thus reducing the need to offload their assets. This is proven evidently as daily Bitcoin miner outflows stayed between approximately 5000 – 10,000 BTC in July, showing a notable decrease from the range of 10,000 – 20,000 BTC seen in early March when Bitcoin reached the $70,000 price mark. Generally, the Bitcoin hashrate measures the total computational power used to mine and process transactions on the Bitcoin network. It is a crucial indicator of miners confidence in BTC, with an increase signaling belief in mining the token due to profitability from current or future prices.  However, the ability of Bitcoin miners to sustain their recent performances despite the tokens recent dip could prove pivotal in initiating a market price rebound, especially as a sell-off by these miners could further drive down the tokens price. Nevertheless, a future decline in hashrate is a more likely scenario as miners profitability is largely depends on Bitcoins price in addition to network fees. Related Reading: Bitcoin Miners Slow Down Selling In July, What This Could Mean For Price BTC Price Overview  At the time of writing, Bitcoin trades at $61,387 with a loss of 5.05% in the last 24 hours. Meanwhile, the assets daily trading volume is barely up by 5.35% and is valued at $42.9 billion. Historical price data indicates BTC may currently be in the support zone, however, any further decline past this level could result in prices as low as $55,000 as seen in early July. Alternatively, if the crypto market eventually finds some stability in this zone, a return to the $70,000 price zone is on the cards. Featured image from Reuters, chart from Tradingview

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TeraWulf launches new Bitcoin mining facility, eyes major tech partnership

TeraWulf claims to be the most profitable miner on a per-share basis, with an average production cost of $40,000 per Bitcoin.

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Bitcoin Analyst: 4 Crucial Support Levels To Watch If BTC Falls

Bitcoin is trending lower when writing, cooling off after the encouraging leg up on August 23. Although the uptrend remains, and the coin is not far away from $63,000, there is no discounting the possibility of sellers pressing on. The alignment with the dip of early August could trigger another wave of liquidation, causing panic. [...]

The post Bitcoin Analyst: 4 Crucial Support Levels To Watch If BTC Falls appeared first on Crypto Breaking News.

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3 reasons why Bitcoin wont be boring in September

While Bitcoin failed to close above the $60K psychological level on the weekly chart, the long-term holders (LTHs) continue to adopt a bullish strategy in 2024.

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Bitcoin Traders Cautious Despite Massive Stablecoin Inflow: Whats Next For BTC?

Bitcoin buyers might be upbeat after the uptick on August 8. While traders are waiting for a conclusive close above $63,000, confirming bulls of the second half of last week, on-chain data points to risk and traders staying on the sidelines. Traders Cautious: Will The Bitcoin Consolidation Continue? Taking to X, one on-chain analyst said. [...]

The post Bitcoin Traders Cautious Despite Massive Stablecoin Inflow: Whats Next For BTC? appeared first on Crypto Breaking News.

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Bitcoin Hashrate Hits All-Time High as Trump Vows to Boost Industry

Bitcoin's 7-day average mining hashrate has hit a new all-time high above 667 exahashes per second during the Bitcoin 2024 conference, reflecting greater security and fundamentals.

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Sharp Drop in This Indicator Hints at Bitcoin Bull Rally in Q3 2024: CryptoQuant

CryptoQuant’s Puell Multiple indicates a potential end to the ongoin Bitcoin correction, suggesting a new bull rally may start in…

The post Sharp Drop in This Indicator Hints at Bitcoin Bull Rally in Q3 2024: CryptoQuant first appeared on The Crypto Basic.

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Hashrate recovery reduces Bitcoin miners selling pressure in July

Miner revenues soar 50%, pushing Bitcoin hashrate higher and reducing selling pressure from miners reserves.

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Bitcoin Miner Capitulation Comes To An End Time To Buy BTC?

Indeed, the Bitcoin price has been on a hot streak in recent weeks, returning to its past heights most investors have become accustomed to. However, the past week was a somewhat quiet one for the premier cryptocurrency, as it was for most of the digital asset market. Interestingly, the latest on-chain insights suggest that the crypto market, specifically the Bitcoin market, might not be inactive for too long.  BTC Price Momentum Shifts To Positive – Impact On Price? In a recent post on the X platform, popular crypto pundit Ali Martinez revealed that Bitcoin miner capitulation has seemingly come to an end. This on-chain observation is based on a shift in the Glassnode Hash Ribbon indicator, which measures BTCs hash rate. Related Reading: Analyst Predicts Solana Rise To $1,400 As Similarities With July 2021 Emerge Typically, the Hash Ribbon features two moving averages; including the short-term (30-day) and long-term (60-day) hash rate. A cross of the short-term moving average below the long-term moving average implies miner capitulation, which is characterized by widespread sell-offs by miners. On the other hand, when the 60-day ribbon falls under the 30-day ribbon, it indicates the end of capitulation and the potential start of a recovery phase for the network. As shown in the chart below, this positive cross appears to be the current situation for Bitcoin, signaling an optimistic future for the flagship cryptocurrency. Ultimately, this means that Bitcoin miners are returning to the network and restarting operations, as they become more profitable. From a historical standpoint, the end of miner capitulation is a bullish sign, as it often precedes significant price leaps for the premier cryptocurrency. Martinez highlighted this in his post on X, saying this could present good buying opportunities. Another indicator that supports this on-chain revelation is the Bitcoin Miner Profit/Loss Sustainability metric, which measures how fair miner revenues are. According to the latest data from CryptoQuant, the BTC miners have been making some profit over the past few days, putting them in the fairly paid region of the indicator. Bitcoin Price At A Glance As of this writing, the price of Bitcoin stands at around $68,230, reflecting a mere 0.7% increase in the last 24 hours. As earlier inferred, the premier cryptocurrency had an uneventful week in terms of price action, dancing between the $64,000 and $68,000 range. Related Reading: Crypto Backs Donald Trump: $4 Million War Chest In Bitcoin, XRP For Re-election According to data from CoinGecko, the BTC price increased by barely 1% in the past week. Nevertheless, the cryptocurrency retained its position as the largest digital asset in the sector, with a market capitalization of more than $1.33 trillion. Featured image from iStock, chart from TradingView

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Hive to build massive Bitcoin mining facility in Paraguay despite looming energy hikes

In a July 22 statement, Bitcoin miner HIVE Digital said it plans to construct a 100-megawatt digital asset mining operation in Paraguay. The move comes amid the South American country’s plans to increase electricity prices. Local Bitcoin miners believe the hike could severely affect the industry and are pushing against the government’s plan. HIVE’s Paraguay expansion […]

The post Hive to build massive Bitcoin mining facility in Paraguay despite looming energy hikes appeared first on CryptoSlate.

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Paraguay miners urge state electricity board to reconsider upcoming price hike

Capamad spokesperson Jimmy Kim claims that the electricity price increase set for Aug. 1 may force 70% of legal crypto miners out of business.

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Bitcoin Miners Slow Down Selling In July, What This Could Mean For Price

On-chain data shows that selling pressure from Bitcoin miners has recently slowed down. This is significant considering the impact it could have on Bitcoins price heading into the third quarter of the year.  Bitcoin Miners Selling Pressure Has Significantly Declined Referencing data from the on-chain analytics platform CryptoQuant, crypto analyst Crypto Dan noted that selling pressure from miners has significantly declined for two reasons. One is that the quantity of Bitcoin these miners sent to exchanges to sell has reduced drastically since May.  Related Reading: Dogecoin Flashes Major Bullish Signal On 3-Day Chart, Heres The Target Secondly, the crypto analyst mentioned that the volume of the OTC Desk that miners use for selling has been consumed, suggesting that someone recently bought up all the available Bitcoin supply from these miners. The volume of the OTC Desk is said to have piled up until June 29th, as there was no willing buyer to purchase these crypto tokens.    Bitcoin miners greatly contributed to the price crashes the flagship crypto suffered in June. Data from the market intelligence platform IntoTheBlock showed that these miners sold 30,000 BTC ($2 billion) throughout the month. This put significant selling pressure on Bitcoin, which caused it to drop below $60,000 at some point.  As such, the decline in selling pressure presents a bullish development for Bitcoin and could continue the bull run for the flagship crypto. Crypto Dan noted that this development has created sufficient conditions to continue the upward rally for Bitcoin in this third quarter of the year.  Crypto analyst Willy Woo had also previously predicted that Bitcoins price would recover once miners capitulate. With that out of the way, Bitcoin could enjoy an upward trend this month and make massive moves to the upside.  BTC’s Uptrend Has Begun Crypto analyst Rekt Capital noted in a recent X (formerly Twitter) post that Bitcoins uptrend has begun. He claimed that the macro higher low has been confirmed, and Bitcoin is now rallying to the upside. He added that the flagship crypto is developing a macro bull flag, providing a bullish outlook for the crypto token.  Related Reading: Bitcoin Investors Place $500 Million In Spot BTC Bids Below Market Price In another X post, the crypto analyst remarked that the goal for Bitcoin following its strong start to July is to build a foundation from which it will be able to springboard to the Range High area at $71,500 over time. Crypto analyst Michaël van de Poppe also suggested that Bitcoins downtrend is over and a bullish reversal was underway as the flagship crypto makes significant moves to the upside. He also mentioned that he believes that Bitcoin has bottomed out and has found support at $60,000, meaning a decline below that price level anytime soon was unlikely.  At the time of writing, Bitcoin is trading at around $62,900, down in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com

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Analysts forecast $200K+ Bitcoin price after BTCs bullish momentum returns

Bitcoins decisive move above $65,000 and miners' return to deep profitability could lead to BTC hitting $220,000.

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