This indicates that the mining industry is expanding despite the bear market, and that miners are gaining confidence in BTC’s long-term potential.
Significant Shift in Miner Behavior
The rolling 30-day data shows that miners have been decreasing their Bitcoin holdings, and their sales are increasing. This is a major contrast from the FTX implosion in Q4 of last year. Some are worried that governments with a majority of the hash rate could pressure miners to censor transactions, while others see the real “danger” as adversaries using the hash rate to make Bitcoin profits. The sustained increase in hash rate and difficulty suggest that Bitcoin’s bullish trend is still alive and well. This could lead to a price surge in the future, as miners are investing more in the cryptocurrency and believing in its long-term prospects.
