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Bitcoin

Bitcoin Hashrate Erases Recovery As BTC Price Continues Bearish Action

Keshav Verma
by Keshav Verma
1 year ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

On-chain data shows the Bitcoin Hashrate has slumped back down recently as the cryptocurrency’s price has continued in a bearish trajectory.

Bitcoin Mining Hashrate Has Retraced Its August Recovery

The “Mining Hashrate” refers to a Bitcoin metric that keeps track of the total amount of computing power that the miners have currently connected to the BTC network.

When the value of this metric goes up, it means new miners are joining the blockchain and/or old ones are adding to their facilities. Such a trend implies that the network looks like an attractive venture to these chain validators.

Related Reading: Bitcoin Diamond Hands Still Unbroken: 30.7% Of Supply Dormant For 5+ Years

On the other hand, the indicator registering a decline implies some of the miners have decided to disconnect from the chain, potentially because BTC mining is no longer profitable for them.

Now, here is a chart from Blockchain.com that shows how the 7-day average Bitcoin Mining Hashrate has changed over the past year:

Bitcoin Mining Hashrate

Looks like the value of the metric has gone down in recent days | Source: Blockchain.com

As is visible in the above graph, the 7-day average Bitcoin Mining Hashrate had shown a rise in the middle of last month and had made recovery to levels not far from its all-time high (ATH) set back in July.

Towards the end of the month, however, the indicator had started going down instead and now, it has retreaded to almost the same lows as in the first-third of August.

The explanation behind these trends may lie in the fact that the miners depend on the BTC spot price for their profit margin. This is because the block subsidy, which they receive as compensation for solving blocks on the network, makes up for the primary part of their income.

These rewards are given out at a fixed BTC value and at a fixed time interval, so the only variable related to them is the USD price of the cryptocurrency. With the price struggling with bearish winds again recently, it makes sense that miners have been downsizing their operations.

As has historically been the case, though, this recent drop in the 7-day average Bitcoin Mining Hashrate may not stick for too long, with any fresh surges in the price likely to renew uptrend in the metric.

Related Reading: Bitcoin Plunges Under $58,000 As Coinbase Users Take To Selling

Besides the Hashrate, another indicator that could perhaps showcase miner distress is the Miner Reserve, which measures the total amount of Bitcoin that’s currently sitting in the wallets related to these chain validators.

As analyst Ali Martinez has pointed out in an X post, miners participated in a notable amount of selling over the weekend.

Bitcoin Miner Reserve

The trend in the BTC Miner Reserve over the past month | Source: @ali_charts on X

In total, the Bitcoin miners removed 2,655 BTC from their wallets during this window, which is worth more than $156 million at the current exchange rate of the cryptocurrency.

BTC Price

At the time of writing, Bitcoin is floating around $59,000, down over 5% in the last seven days.

Bitcoin Price Chart

The price of the coin appears to have been moving sideways over the past few weeks | Source: BTCUSD on TradingView
Featured image from Dall-E, CryptoQuant.com, Blockchain.com, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Keshav Verma

Keshav Verma

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Keshav is a Physics graduate who has been employed as a writer with Bitcoinist since June 2021. He is passionate about writing and through the years, he has gained experience working in a variety of niches. Keshav holds an active interest in the cryptocurrency market, with on-chain analysis being an area he particularly likes to research and write about.

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