Can BTC Miners Survive Amid Bitcoin Price Drop?

Bitcoin Price has shown some signs of recovery amid the increased uncertainty in the crypto market. BTC price is up by over 4% in the last 30 days. However, Bitcoin Miners are feeling the heat right now as their profit margin is in constant collapse.

Will miners’ dumps affect Bitcoin price?

As per a report, the average cost of mining one Bitcoin went on to touch $19,4623 on December 15, 2022. At the same time, Bitcoin price traded at around $17,800 price level. This directly depicts the average loss faced by the miners due Bitcoin price drop.

Data shows that the loss for the miners began on June 12, 2022, when Bitcoin price dropped to $26,700. At that period the average price of mining one BTC stood around $29,450.

However, the same situation occurred when the BTC price bottomed in March 2020. The mining cost went higher than the value of Bitcoin.

Earlier, Coingape reported that the Bitcoin Miner Hash price dropped to a new all time low. The hash price went on to stand at $58.3K per Exahassh per day while Bitcoin price went down by 76% from its ATH.

Bitcoin is trading at an average price of $17,492, at the press time. BTC price is down by 4% in the last 24 hours. Its 24 hour trading volume is down by 16% to stand at $20 billion.

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.