BTC miners back to holding, and for good reason...

in bitcoin •  3 years ago 

Bitcoin Mining is one of the most profitable mining industries in the world

It's become wildly more profitable to mine bitcoin than just about anything else.

China shut off their miners and half the network hashrate went down.

This caused remained miners to collect 100% more income.

Due to this, they don't need to sell much bitcoin, and they aren't:

image.png

(Source: https://twitter.com/BTC_Archive/status/1425112740344045568/photo/1)

The setup looks similar to September of last year, right before bitcoin went on an absolute tear.

Will history repeat?

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3 years ago by

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