A great deal of analysts and traders’ focus is fixated on investors. However, when the market moves, it not only affects investors, but the miners as well. June’s crash had a rather profound impact on miners, opening up buying opportunities for the market. Bitcoin miners take a leave The most noticeable change on the miners’ […]
A great deal of analysts and traders’ focus is fixated on investors. However, when the market moves, it not only affects investors, but the miners as well. June’s crash had a rather profound impact on miners, opening up buying opportunities for the market.The most noticeable change on the miners’ end during a changing market comes when their profitability is impacted. The almost 40% decline thatwitnessed last month did exactly that as the fall in price triggered a fall in profits too.
Ergo, miners have been holding off on mining since Bitcoin falling to an almost 20-month low was bound to bring losses.However, this opened up more avenues of profits for the miners that are still operating. These miners are either flush with resources and are ready to continue mining, despite losses. It’s that, or they are in zones where the cost of mining is far lower than Bitcoin’s price after the crash.
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