BTC miners sold nearly 10,600 BTC in the past 24 hours, possibly due to extreme storms in the United States
Although the price of Bitcoin has stabilized at around $42,500, BTC miners have been selling large amounts of Bitcoin recently. One possible reason may be the sudden drop in BTC computing power, which has affected miners' profitability. Data provided by @cryptoquant_com shows that miners sold nearly 10,600 BTC worth about $455.8 million in the past 24 hours.
During the extreme winter storm sweeping across the United States, miners are feeding electricity back into the grid, causing the hash rate of BTC to drop sharply to its lowest point in months. This is to ensure that basic service institutions such as hospitals have enough electricity to save lives and ensure that families can stay warm in harsh 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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