This Drop in Bitcoin Hasn't Been Seen in Six Years: Leading to More Selling

Bitcoin (BTC) miners' income has fallen to its lowest level in the last two months.

According to data from The Block, the income earned by Bitcoin miners in terahashes per second (TH/s) has been decreasing since April.

It started to fall after the halving

After the Bitcoin halving in April, miners started receiving rewards of 3,125 BTC per block instead of 6.25 BTC. This also reduced the amount of new BTC produced daily from 900 to approximately 450.

According to The Block data, miners then began to earn much lower amounts of income. According to QCP Capital analysts, this has also led to an increase in miner-driven selling pressure in the market.

He came to meet with the miners

Bitcoin miners may be experiencing income problems due to the recession in the market as well as the halving.

The seven-day average of the number of new wallets opened on the Bitcoin network is lower than at any time since 2018.

Bitcoin mining companies are performing well despite all this. Mining companies such as CleanSpark, Bitfarms and Core Scientific have provided investors with greater returns compared to Bitcoin throughout this year.

Former US president Donald Trump also recently met with Bitcoin miners. Trump promised to support the mining industry if he wins the presidential elections in November.