Bitcoin miners appear to be giving up on the prospect of holding the virgin crypto for long-term profit as they continue to sell large sums of the digital coin.
According to data shared by CryptoQuant, as of December 1, bitcoin miners have already done so dumped 10,000 units of BTC.
The figure is significantly lower compared to what was observed on November 26 when the market saw an influx of 2,569 units of the cryptocurrency which was also sold by the miners.
CryptoQuant analyst Joaowedson shared some insights regarding the matter and cited the current costs of Bitcoin mining and the falling price of the crypto-asset as reasons for this development.
“Faced with the current price of Bitcoin and the high cost of mining in several countries, miners are forced to sell their positions,” said Joaowedson.
Bitcoin miners who are already deprived of profit opportunity
The current situation is doom for both the “producers” of the largest cryptocurrency in terms of market capitalization and the asset itself.
With the significantly reduced price of BTC and the cost of producing a unit of it, Bitcoin miners face the possibility of not achieve any profit at all in their business.
Moreover, as they continue to dump the fruits of their labor in the market there is always a possibility that the cryptocurrency will drop and that volatility will increase further.
Mining revenues have also been affected by previous sales that the market has witnessed. According to data from Glassnode, the income of Bitcoin miners at the time of writing was 814.28 BTC.
With this, it only made sense to arrive at the idea that in terms of fees and rewards, Bitcoin did not have much to offer its miners.
A quick look at Bitcoin’s performance
At press time, according to tracking from CoingeckoBitcoin changed hands at $17,025, up 3.5% over the past seven days.
In recent days, the asset has consolidated in a narrow range and shows no signs of showing the same momentum it had towards the end of October when it rallied to regain the $21,000 territory.
This time last year, BTC was trading at a value more than 68% higher than its current price. It can be recalled that back on November 10, 2021, the king of all cryptocurrencies reached its all-time high of $69,044.
Today, it has lost 75.3% of this value and is expected to end the year below the crucial $20,000 zone.
BTC total market cap at $326 billion on the weekend chart | Featured image - The Loadout, Chart: TradingView.com