abramchart
Can the miners survive?
Yesterday, the cost of mining one bitcoin reached $19,463, while the price of bitcoin yesterday was 17,800! Can the miners survive? And work at a loss? (data by : macro micro) The loss of miners began since June 12, 2022, when bitcoin reached $26,700, and the cost of mining one bitcoin at that time reached $29,450. The same movement appeared at the bottom of March 2020, the cost price of mining was higher than the value of Bitcoin and also the bottom of 2018 We go to the on-chain indices and watch how the miners faced this cost by observing the Miner Outflow (Top10) metric, which measures the top 10 bitcoin flows out of the miners’ wallets. We will find metric rise in these areas, which is their surrender before the market rise. Notice their flows now on the chart in 2022 .