Bitcoin miners have been selling their holdings since the start of June, according to on-chain data from Glassnode and Coin Metrics. The selling pressure could be due to reduced earnings from a cooldown in Ordinals activity, as well as mining difficulty and hash rate reaching an all-time high. The increase in Bitcoin difficulty reduces the earnings of miners, eating into their profitability and possibly increasing their losses, while hot temperatures in the Northern Hemisphere are putting a significant load on some mining farms due to the increased cost of electricity.
Key points:
– Bitcoin miners have been offloading their holdings since the start of June, according to on-chain data from Glassnode and Coin Metrics.
– The selling pressure could be due to reduced earnings from a cooldown in Ordinals activity, as well as mining difficulty and hash rate reaching an all-time high.
– The increase in Bitcoin difficulty reduces the earnings of miners, eating into their profitability and possibly increasing their losses, while hot temperatures in the Northern Hemisphere are putting a significant load on some mining farms due to the increased cost of electricity.