Analysts rated the “pain threshold” of miners at $ 18,300
78 400 BTC may be at the risk of liquidation in the case of Bitcoin price departure below $ 18,300, which follows from the regression model of the complexity of production. Such grades were received by Glassnode analysts.
As Global Equity and Bond Markets Continue to Tered Challening Ground, #Bitcoin Hashrate Defies The Odds, Pushing to Yet Another High.
This Week, We Deep Dive Into $ BTC MINING To Assess https://gagarin.news/news/gary-gensler-no-honest-business-should-fear-the-sec/ if the Worst of the Capitude Is Over, Or not.https: // t.CO/LV9OBN5XO6
– Glassnode (@glassnode) October 3, 2022
Experts noted the growing probability of increasing volatility after a long consolidation period in the range of $ 18,000- $ 20,000. The latter was historically unusual for the first cryptocurrency.
Against the background of price stability, metrics associated with mining are improved, which is a signal for improving the conjuncture in the next months. In particular, the hashrate reached the record 242 eh/s. The figure is equivalent to the simultaneous calculation of 7.753 billion by the inhabitants of the planet 30 billion hash Sha256, specialists brought an analogy.
The growth of computing capacities occurs due to the commissioning of the most effective ASIC devices. This is confirmed by the dynamics of the income that is coming to each eh/s (4.06 BTC).
In dollar terms, he ranges in the range of $ 78,000- $ 88,000. The last time such values were observed after halving in October 2020, when Bitcoin was estimated twice as lower than now (~ $ 10,000).
The logarithmic regression between the complexity and the market capitalization with the R2 coefficient of 0.944 shows that the breakless level of bitcoin production in the sector as a whole is $ 18,300. This value does not exceed the minimum at least $ 17,840 in June.
On the balance of miners, which account for 96% of the current hashrate, 78,400 BTC is concentrated – the maximum number of coins that can strengthen sales in case of stress in this category of market participants.
Against the backdrop of the current stabilization of the first cryptocurrency, experts noted the slowdown in the monthly pace of distribution by miners of coins – half from September peaks, up to 4400 BTC.
Analysts drew attention to the fact that most of the sales are carried out by miners associated with the Poolin pool. In September, representatives of this company recognized the availability of problems with liquidity.
Recall, on July 28, the complexity of Bitcoin mining decreased for the first time since July.
In September, Arcane Research analysts found that the overwhelming number of public mining companies suffered losses due to cryptosim.
In June, experts stated that the yield of bitcoin production fell to the levels of 2020. Later they came to the conclusion that public industry companies retain financial stability, despite the adverse market conditions.
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