Bitcoin Mining Reserve Reaches Six-Month High


0

[ad_1]

Usually the Bitcoin mining reserve and accumulation indicator is analyzed as a positive indicator and miners refuse to sell at current prices and vice versa.

Since the big sell-off in the middle of the year, bitcoin mining reserves have gradually increased, with total holdings of bitcoin miners reaching a six-month high.

The data showed that re-accumulation levels reached their highest levels in September, when Bitcoin began to recover quickly.

Miners return to “HODLing” Bitcoin:

In June of this year, most bitcoin miners shed large portions of their holdings in a relatively short period.

This had a catastrophic effect on the price of the major cryptocurrency, which quickly rebounded after hitting an all-time high, as the coin’s price continued to slide and fell as low as $30,000.

Since then, miners have changed their stance and started using HODL more, as the chart provided by the platform shows.CryptoQuantBelow.

Biggest Bitcoin Migration Ever:

Regardless of their Bitcoin holdings, Bitcoin miners experienced major events in 2021.

It all started very positively as the price of Bitcoin was going up in the first few months.

Advertisements

The situation changed dramatically once China repeated its ban on cryptocurrencies and chased after miners.

The most populous country in the world, responsible for more than 60% of the Bitcoin hash rate, has pushed all miners off its territory.

As a result, they shut down their devices while looking for a new place to settle.

This was roughly when the big sell-off occurred in June.

As miners were finding new homes, especially in the Western Hemisphere, the hashrate began to recover after the massive dump in the middle of the year.

Recent reports suggest that China is now responsible for nearly zero per cent of the retail rate, with the United States taking the lead, followed by Russia and Kazakhstan.

Read also:

Find out about the upcoming update that will shutdown Ethereum (PoW) mining

Retail Traders Dominate the Bitcoin Futures Trading Market…What Does That Mean?

[ad_2]

Advertisements


Like it? Share with your friends!

0

What's Your Reaction?

hate hate
0
hate
confused confused
0
confused
fail fail
0
fail
fun fun
0
fun
geeky geeky
0
geeky
love love
0
love
lol lol
0
lol
omg omg
0
omg
win win
0
win
NP

0 Comments

Your email address will not be published.