Jump to content

Bitcoin Price Slump,We Can Buy Miner?

Recommended Posts

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.


Link to comment
  • 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
Link to comment
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

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • General Statistics

    • Total Topics
    • Total Posts
    • Total Members
    • Most Online
      10/06/21 10:53

    Newest Member
    Joined 10/06/23 07:17
  • Posts

    • Why isn't there a way to set options stop loss on IG platform?  Are you planning to implement this feature?
    • Hi,  I started trading Brent Crude Oil in IG platform but I could find a formula to correctly calculate the size I have to put while creating a position, based on the available amount I have. The quotation is based in points and it makes me wonder how operate. Any help is welcome.  Also, I plan to work with some leverage in the future, so any tip on this matter is also welcome.  Thanks.  
    • Greetings fellow traders, I am thrilled to share an exciting intraday trading idea for EURAUD that could potentially boost your profits. At Gold Signals by Professor, we have conducted a thorough technical analysis and confidently recommend a Buy position for traders like you. Our analysis indicates a significant development: EURAUD has managed to sustain itself above the crucial level of 1.60927. This breakthrough suggests a positive momentum, with potential targets at 1.61500 and 1.61800. To mitigate risks, we advise setting a stop loss around 1.60375. In order to maximize your trading success, it is vital to stay well-informed about the latest news and events that may impact the FX market. Factors such as global economic conditions, geopolitical tensions, and central bank policies can influence the price movements of EURAUD. Please note that the momentum of the trade can be influenced by unforeseen events or news. Therefore, we will be updating this level regularly in our channel to ensure you have access to the most recent trends and analysis of Gold and its trading potential. Wishing you all a prosperous day filled with successful trades!
  • Create New...