The recent crash in the price of bitcoin has distressed bitcoin miners. They are compelled to sell in order to cover their expenses.
In the past three weeks, Bitcoin (BTC) miners have increased their selling pressure by 400%. This indicator reached new highs, not seen since the bottom of the 2015 cycle, nearly 7 years ago.
Charles Edwards, the founder of Capriole Investments, a quantitative Bitcoin and digital asset fund, took to Twitter to reveal the distress that the BTC mining fraternity is going through.
Edwards presented charts showing the Bitcoin (BTC) price, mining expenses (log scales), and the amount of Bitcoins (BTC) miners are selling. It appears that the entire segment is having a difficult time.
Miner’s Distress
According to him, if the price of Bitcoin does not improve in the coming weeks, many miners would be compelled to cease operations due to huge losses.
He argues that mine-and-hodl is not a sustainable strategy for Bitcoin miners. Edward holds the “never sellin
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