Bitcoin miners wipe out entire 2022 balances in capitulation
On-chain data by Glassnode shows the balance on BTC miner wallets has dropped to January 2022 levels.
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Core Scientific said in its quarterly report that "substantial doubt" exists about its ability to continue going if it fails to raise liquidity.
Miners selling at the most aggressive rate over the last two years as the Bitcoin network set to adjust difficulty negatively for the next epoch.
Analysts have predicted that the next mining difficulty could be extremely negative as blocks aren't being found or are being found late due to the high mining difficulty.
Difficulty is expected to adjust down as hashrate slows suggesting a possible top is in
Bitcoin mining analyst Jaran Mellerud said while Bitfarms' Bitcoin sales helped it to reduce its debt burden, he pointed out that the miner does not have much Bitcoin left.
Despite a 71.7% decline in net income, Canaan's mining revenue rose 1,002.7% to $8.7 million.