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Bitcoin Price Slump,We Can Buy Miner?


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According to the latest data sent out by Arcane Research on June 22nd, we can clearly see that in the four months since the start of 2022, public Bitcoin mining companies sold 30% of their mining production, which tripled in the following month, from which it can be seen that further growth is expected in June.

Public miners hold 46,000 BTC, accounting for 20% of the network’s total computing power and their selling behavior often reflects the sentiment of the vast majority of private miners. In the time to come, if they continue to sell in the next time. it may further push Low Bitcoin price.

Why have mining machine prices dropped as well?

It is well known that fluctuations in the Bitcoin price have a strong correlation with mining machines. As the Bitcoin price has plummeted this month, so has the price of its mining hardware.

Bitcoin has traded at a plummeting price, trading as low as nearly $17,000 and down more than 60% so far this year, while the price of the most efficient miners has fallen by a relative 40%. And there are two main reasons for this phenomenon:

  1.  hash rates generally follow or lag the price trend of Bitcoin.
  2. The most important part of a mining machine is the Bitcoin mining hardware, which in turn is the source of the hash rate.

So from these two points it seems that when the Bitcoin price continues to fall, some miners will choose to unplug or even just liquidate their Bitcoin mining hardware due to lower profits, which will have an impact on the selling price of miners.

But is it time to buy a miner?

Yes,but this is only for certain miners who need it.

 

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  • 3 weeks later...

A small drop in Bitcoin’s price is usually not enough to separate miners from their machines, but a sustained price drop will certainly trigger more supply of machines on the resale market, as miners with thin profit margins and poorly planned operations will be forced to liquidate some assets to raise cash. In general, the price of Bitcoin is often used as an indicator of the price of mining hardware, and miners can plan their machine purchases accordingly.

  • Thanks 1
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8 hours ago, Alberton said:

Should miners plan their purchases to get back to their old grind? Hasn't this whole market crash thing proved that you should switch to PoS, and do it ASAP. Bitcoin price drop might be a Segway to the future PoS crypto community, don't you think? 

Hi @Alberton

Thanks for sharing.

All the best - MongiIG

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