🚨🚨🚨🚨🚨 Urgent Update 🚨🚨🚨🚨🚨
Bitcoin Miners in Distress: Selling Spree Hits 14-Year Low 📉
Bitcoin - $BTC miners are facing a crisis! Since November 2023, they've been selling more Bitcoin than they've mined, marking the longest stretch of net selling since 2017. This has led to:
• Miners holding their smallest Bitcoin reserves in over 14 years
• A wave of mergers and acquisitions in the mining sector
• Companies like Hut 8, CleanSpark, and Core Scientific consolidating resources to stay afloat
The primary cause?
The Bitcoin halving event in April, which slashed the block reward from 6.25 BTC to 3.125 BTC. Miners are struggling to cope with decreased profitability and are selling their Bitcoin holdings to survive. As the market adapts to these changes, one thing is clear: the dynamics of Bitcoin supply and demand are shifting dramatically! 🌊
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