cryptocurrency

Bitcoin miners make cash in big profits before price drops

Bitcoin miners make cash in big profits before price drops
  • BTC managed to hold the $24,000 support level over the previous weeks.
  • Over the past day, the value of BTC has fallen by more than 8%.

Many investors lost their money this year due to the unexpected appearance of bears. After the price of Bitcoin plunged below $20,000, Bitcoin (BTC) miners suffered devastating losses. Mining profitability declined immediately after January 2022. However, BTC managed to maintain the $24,000 support level over the previous several weeks. This coincided with a massive sell-off among bitcoin miners.

BTC/USDT: Source: TradingView

Play miners safely

New information indicates that bitcoin miners have moved nearly 6,000 bitcoins in just two weeks. Ali Martineza market analyst, noted that miners chose to take advantage of the recent increase in bitcoin’s price.

Analyst said:

“Bitcoin miners seem to have benefited from the recent surge in profit taking. Data shows that miners have sold $5,925 bitcoin in the past two weeks, worth nearly $142 million.”

It is also worth noting that the value of Bitcoin has dropped significantly today. Over the past day, the value of BTC has fallen by more than 8%. Because of this, the price of Bitcoin dropped to a low of $21,718. The high of $25,135.59 for bitcoin was reached earlier this week. Many assumed that miners had anticipated the imminent correction, given the previous sell-off frenzy and the sharp decline of Bitcoin.

As it was said before, the profitability of bitcoin mining is much lower than it was during the previous peak periods of cryptocurrency. When July was included, August was a very profitable month for miners. Profitability in bitcoin mining as at the time of writing is 0.117. At the close of June, this indicator had risen to 0.121.

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