Bitcoin News Thebittimes.Com

Crypto market analysts tend to interpret Bitcoin miners selling their of BTC rewards as bearish, but miners countered this logic in detail at the recent Bitmain WDMS conference. Crypto analysts, traders and anonymous influencer Bitcoin pundits on X (formerly known as Twitter) frequently interpret what Bitcoin miners do with their block rewards as a sentiment gauge for where BTC price might go.  According to the strategy, Bitcoin miner rewards sent to exchanges foreshadows pending sell pressure on Bitcoin price and possibly reflects distress among miners . Elements of this methodology were challenged by an assortment of publicly listed Bitcoin miners at last week’s Bitmain World Digital Mining Summit in Hong Kong. Bitmain WDMS panel on Bitcoin mining and renewable energy. Source: Cointelegraph According to Jeff Taylor, the Core Scientific EVP of Data Center Operations, “Core Scientific might be the poster child for the HODL strategy. We built a 10,000 Bitcoin hoard and we rode it up...

Owing to the bear market extension, miners and mining firms continue to be distressed. Right from defaulting loans to posing quarterly losses, prominent names like Iris Energy and Core Scientific seemed to be in a fix. On the whole, Bitcoin mining hashrate continues to hover around all-time highs, adding additional burden on the shoulders of miners . Even though a rising hashrate indicated that the network is becoming more secure, it puts pressure on miner profitability numbers. The number is, however, set to slightly ease during the upcoming adjustment scheduled next week. Chalking the current state of affairs and opining on what it could possibly mean, Senior Analyst at UTXO Management—Dylan LeClair—said, “ Hash rate 7d moving average is now 13.7% off all-time highs; mining difficulty is projected to adjust -9% a week from now. Early stages of another miner capitulation by the looks of it. “ On the Hash Ribbon chart, the short-term average [30D] ha...