Bitcoin mining difficulty reaches new peak, revenue drops, miners selling BTC - negative.

From Investing.com

September 11, 2024 05:00:23 PM:

Mining difficulty has spiked to a new all-time high, climbing 3.6% as hash rate hits record levels. Bitcoin miners sell over 30,000 BTC in 72 hours, valued at $1.71 billion. Revenue dropped post-halving, now between $25-30 million. Mining costs rising, pushing some miners out of the market.

Bitcoin’s mining difficulty reaches a new peak of 92.67 trillion. Revenue drops post-halving event, impacting economically unsustainable miners. Data suggests miners are liquidating assets for financial reasons. Bitcoin’s price needs to stay between $65,000 and $70,000 for mining to remain sustainable.

Speculation arises on potential implications for Bitcoin’s price as miners sell large volumes amidst bearish market conditions. Some worry about selling pressure impact on Bitcoin price, while others see increased network security boosting investor confidence. Bitcoin price drops 2.13% to $55,689.03, with bullish sentiment at 21% out of 51,341 people sampled.

Read more at Investing.com: Bitcoin Mining Difficulty Returns to Peak Levels By U.Today