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BTC miners have sold nearly 10,600 BTC in the past 24 hours, possibly due to the extreme storm in the United States

BTC miners have sold nearly 10,600 BTC in the past 24 hours, possibly due to the extreme storm in the United States

2024/01/18 06:55
BTC+0.44%

Although the price of Bitcoin remains stable at around $42,500, BTC miners have recently been selling off Bitcoin in large quantities. One possible reason could be a sudden drop in BTC's computing power, which affects the profitability of miners. According to data provided by @cryptoquant_com, miners sold nearly 10,600 BTC in the past 24 hours, estimated to be worth about $458 million. Amidst extreme winter storms sweeping across the United States, miners are feeding electricity back into the grid and BTC's hash rate has dropped significantly to its lowest point in months. This move is intended to ensure that essential service institutions like hospitals have enough power to save lives and that homes can stay warm under severe weather conditions.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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