Bittime -Bitcoin (BTC)minersshow no signs of letting up even though their revenues fell to 14-month lows following the halving event in April. CryptoQuant CEO Ki Young Ju revealed that even though miners' income is decreasing, they are still surviving and have two options: capitulate or wait for the Bitcoin price to rise to cover their costs.
Bitcoin Miners Persist
Even though Bitcoin miners' income has decreased after the halving, they have survived. The decline in miners' income leads to two choices: give up or wait for Bitcoin price growth to compensate for their costs.
According to CryptoQuant CEO Ki Young Ju, miners are showing no signs of giving up for now. Miner revenues surged immediately after the halving due to increased demand for space on the first blocks mined after the halving on April 20.
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Bitcoin Price Drop and Potential Miner Capitulation
Despite a surge, interest in new Bitcoin-based assets has declined in recent weeks due to a lull in price action in the crypto market. Some analysts worry about the risk of miners capitulating if Bitcoin prices continue to decline.
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Market research provider The Bitcoin Layer stated that at-risk miners should liquidate some Bitcoins to protect themselves if the price continues to correct. The drop in Bitcoin hash price to an all-time low is also a challenge for miners.
Also read: Mining Bitcoin vs Validating Bitcoin Transactions
Impact on Bitcoin and Ether Prices
Bitcoin price is currently around $60,400, down 18% from its all-time high on March 14 of $73,700. Additionally, Ether (ETH) price is also down 26% from its yearly high of $4,070 on March 12.
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Despite facing declining revenues and other challenges, Bitcoin miners have persevered in the face of uncertain times. They continue to rely on future Bitcoin price increases to overcome the economic pressures faced after the halving.
How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn Complete Guide How to Buy Crypto on Bittime .
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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