BTC Miner Revenue Falls as Price Nears $90,000
Bitcoin prices have fallen nearly 10% since hitting an intraday high of $102,735 on Tuesday. This decline has had a significant impact on miners, with the Bitcoin network’s daily revenue falling to a 30-day low.
As buying pressure subsides, Bitcoin is likely to fall below $90,000, which could exacerbate losses for miners already facing financial stress.
Bitcoin miner revenue drops as price falls
Bitcoin miners’ revenue from transaction fees and block rewards has Steady decline As of January 2nd. According to data from Glassnode, the current BTC price is 398.20 BTC, down 24% from the past week.
When Bitcoin miner revenue drops, it means miners earn less from validating transactions and securing the network. This drop usually occurs when the price of Bitcoin falls, reducing the value of rewards paid to miners.
These two days, Bitcoin has taken note of an important fall. For context, the leading cryptocurrency briefly traded as high as $102,735 during Tuesday’s intraday trading session. However, the selling activity soon gained momentum, causing the coin’s price to trend downward. At press time, BTC was trading at $93,419.
The number of Bitcoins held in miners’ wallets has steadily declined as more and more Bitcoin miners rush to sell their Bitcoins to prevent further losses on their holdings. As of this writing, the number of Bitcoins stands at 1.79 million, down 0.005% since January 2.
BTC Price Prediction: Will It Stay or Fall Below $90,000?
On the BTC/USD daily chart, BTC trading rises slightly Above the support formed at $91,437. If the sell-off persists, the coin’s price may drop below this level and the $90,000 range, trading at $85,224. In this scenario, Bitcoin miners’ revenue will decline further, causing more miners to sell their Bitcoins to cover operating costs.
However, if market sentiment improves and demand surges, this could push Coin price approaches $102,538increase the income of BTC miners.
Disclaimer
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