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| Penambang Buru-buru Jual Stok Bitcoin, 14.000 Keping Dilego |
Crypto miners are now flocking to withdraw their funds since the price bitcoin continues to decline in recent times.
Quoted from CNBC.com, it was stated that there were around US $ 300 million or 14,000 bitcoins that came out of this crypto wallet.
This phenomenon occurs because the miners are getting ready to sell the coins they get to cover the ongoing mining operational costs.
For your information, the current bitcoin trading at the level of US$ 21,600 or up 3% in the last 24 hours.
Whereas previously bitcoin had surged to an all-time high at the position of US $ 69,000 per chip in November 2021.
The low price bitcoin which is not matched by the price of energy is said to be able to suppress profit margins for miners. This is also what makes some people sell their bitcoins to reduce the risk of loss.
Citi analyst Joseph Ayoub revealed that currently there is a very sharp increase in electricity costs and a very sharp decline in the price of bitcoin.
"Mining costs may be higher than the bitcoin price for some miners," Joseph said in a report, quoted Tuesday (19/7/2022).
He revealed this condition makes bitcoin miners depressed and can go to the brink of bankruptcy.
One of the crypto mining companies Core Scientific revealed that their supply of bitcoins had been sold.
Core Scientific CEO Mike Levitt said these miners had to pay their bills. "We mine and earn bitcoins but our expenses are in dollars," he explains.
Previously mining bitcoin was a lucrative activity. But now the margin that can be obtained continues to fall.
Last month alone, Core sold 7,202 of their bitcoins for an average price of US$23,000. Levitt said that they have also invested about US $ 167 million for company growth such as adding servers and adding additional data center capacity.
Levitt said he was optimistic about the prospects for this crypto business.
"We would be happy if bitcoin could return to US $ 35,000 - US $ 40,000," he explained.
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