Dataset from Foundry shows that four states in the U.S. have the highest Bitcoin hash rate distribution. The dataset shows that many Bitcoin miners are headed to New York, Kentucky, Georgia, and Texas. Foundry U.S. is the largest mining pool in North America and the fifth-largest globally. The hash rate is a measure of collective mining…
Miners determine more of bitcoin price than most investors understand. The price at which miners are willing to sell usually correlates with how much profit that they can make from selling the coins that they have mined. Depending on the price of the asset, miners usually choose to sell or hold it. This could influence…
On-chain analysis shows Bitcoin miner reserves seem to be closing in on the ATH seen in May, as the BTC bull rally continues. Bitcoin Miner Reserves Reach Close To May ATH Levels As pointed out by a CryptoQuant post, the BTC miner reserves seem to be on the rise, and look to be close to…
Bitcoin on-chain data shows that miners have transferred a huge amount of coins to cryptocurrency exchanges. On-chain Data Suggests Miners Transferred 11,816 BTC To Exchanges As pointed out by a CryptoQuant post, 20 July saw a huge outflow from Bitcoin miners. The total outflow from that day is around 12k. Here is a chart that…
Bitcoin on-chain data has revealed that miners have started selling more BTC on exchanges, an indicator that a bear market could be ahead. Miners To Exchanges Flow Has Sharply Risen As pointed out by a CryptoQuant post, the all miners to all exchanges flow mean for Bitcoin seems to have sharply risen this past weekend.…
On April 15, a widespread power outage in North China led to a sharp decline in the Bitcoin hash rate. Because major mining farms are located in China, there was a 20% corresponding decline in hash rate. The China Hash Rate Crash Of 2021 As a result of the decline in hash rate, backlog in…
Hash ribbons, an indicator used to depict the health of Bitcoin miners powering the network, has just signaled capitulation for an unprecedented 4th time in this market cycle. And according to the tool, post-halving miner capitulation may have only just begun.Bitcoin Miners Are Capitulating Due To Post-Halving Production CostsAs a failsafe mechanism ensuring the long-term…
Thanks to Josh Mandel idea, 23 different businesses in the state of Ohio will begin paying their taxes in Bitcoin. This new “convenience and adaptation” goes to show how BTC is taking root and is nowhere from being quashed despite draw downs that has seen miners in several parts of China auction their gear. Latest…