Bitcoin prices have fallen so low that the cryptocurrency’s miners have become sellers, further pressuring the already downcast market. Recent data shows an increase in the amount of bitcoin moved by miners from the mining pool to crypto exchanges in June, as the price of the cryptocurrency slid from $30,000 to $20,000, according to CryptoQuant. The event, known as “miner capitulation,” implies miners were preparing to sell their bitcoin – likely to cover mining expenses or to capture greater gains by selling at a price they consider to be overvalued. “Given rising electricity costs, and bitcoin’s steep price decline, the cost of mining a bitcoin may be higher than its price for some miners,” Citi analyst Joseph Ayoub said in a note Tuesday. “With high-profile reports of resignations from mining companies, as well as miners that have used their equipment as collateral to borrow money, the bitcoin mining industry could be under growing pressure.” If bitcoin prices stay below average...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...