Cryptocurrency expert James Check, also known as “Checkmatey,” stated that Bitcoin miners are struggling due to rising operating expenses and decreasing payouts. Check discussed the current state of Bitcoin mining and the challenges faced by miners in an X video published on June 21.

Hash Ribbon Reversal and Its Effects

“We are currently in a hash ribbon reversal period and blocks are coming in about 14 seconds slower than they should, indicating that less hash rate is coming online, blocks are being found a little slower,” said James Check, principal analyst at Glassnode. Check claimed that approximately 5% of the hash rate was affected by this situation and some miners were having difficulty continuing their operations.

Check stated that a 5% drop is not big and that this is not exactly a “fire sale”, but some of the Bitcoin miners had to sell their assets.

A hash ribbon reversal occurs when the 30-day moving average hash rate crosses below the 60-day moving average, indicating an increase in mining difficulty. This scenario could occur for a variety of reasons, such as high operating expenses, a drop in Bitcoin price, or equipment issues among miners.

After Bitcoin's halving on April 20, mining rewards dropped from 6.25 BTC to 3,125 BTC and the Bitcoin hash rate began to decline as unprofitable mining machines were shut down. According to Blockchain.com data, the hash rate of the Bitcoin network decreased by 2% in the last 30 days, falling to 586 exahash per second (EH/s).

Current Status of Bitcoin Miners

Check evaluated the current situation of Bitcoin miners and stated that the miners are at the break-even point despite the difficulties. “Miners may be treading water right now, they're not capitulating to a full-scale bear market level, they're probably just treading water. “They have to sell the Bitcoin they earn,” he added. Other researchers have noted that many Bitcoin miners sell most of their coins to cover operating expenses and therefore are unprofitable.

“Bitcoin miners are selling most of their coins to pay their bills,” another analyst Panos said in an X post on June 18. In a second post on the same day, Check stated that the share of Bitcoin transaction fees among mining revenues has increased. “Miners must adapt to transaction fees becoming the main source of revenue and innovate accordingly, implementing effective capital management,” he said.

Matthew Sigel, head of digital asset research at VanEck, observed that nearly all Bitcoin miners are selling 100% of their coins. While CleanSpark (CLSK) is trying to purchase new capacity with a very low USD balance sheet, other miners are similarly selling the majority of their coins.

As the Bitcoin mining industry adapts to these challenges, miners must be creative and effective capital managers to manage current market conditions and be prepared for future fluctuations.

#BitcoinDunyamiz

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