BTC mining volume drops to 2%, a new low

Even though we are getting near to the end of the year, the cryptocurrency market has not yet begun the much anticipated bull run. In contrast, the values of cryptocurrencies have lately experienced additional declines, with Bitcoin currently selling below $20,000 per coin.

In the meantime, the mining stock volume of BTC has also decreased in recent times. As the decrease in the value of cryptocurrencies continues, a number of cryptocurrency miners are on the verge of going bankrupt.

According to a number of different sources, the share volume of BTC mining stock has decreased to 2% from its all-time high of 44%. Since Bitcoin's all-time high in 2021, the use of this specific indicator has seen a significant decline in popularity.

On Twitter, crypto mining specialist Jaran Mellerud broke the news of the drop in the value of the cryptocurrency. According to him, the fact that there is a low trading volume is a very concerning development for the flagship currency.

It is an indication that there are fewer sellers available on the Bitcoin market. According to him, investors do not keep in mind that purchasing shares in a Bitcoin mining company is an additional approach to acquire exposure to the cryptocurrency.

Nevertheless, Mellerud continued by saying that this presents an outstanding opportunity for investors. They have the opportunity to capitalize on the market by purchasing additional stocks at a lower price.

Meanwhile, Bitcoin miners are now confronted with a number of challenges. To begin, the hash rate of Bitcoin is now performing at a very high level. Hash rate is a measurement of a computer's network processing capability and is expressed in BTC.

According to the information provided by, the current hash rate is approximately 262 exahashes per second (EH/s). After reaching a high point of 273 exahashes per second on November 2nd, the hash rate has since decreased.

The difficulty of mining Bitcoins is another metric that has reached its highest point yet. This metric determines how difficult it is to mine a block on the Bitcoin network. [Citation needed]

Is Making Bitcoins Still a Profitable Venture?

A recent dip may also be seen in the hashprice index for BTC. The profitability of Bitcoin can be measured by looking at its hashrate.

The price of hash at the moment is approximately $0.059 per TH/s/d. About 82% of the metric's previous high point, which was reached in 2021, has been lost.

In addition, the Bitcoin mining industry is confronted with a number of challenges, one of which is the rising cost of energy. Mining for bitcoin requires a significant amount of electricity.

As a result, mining activities have been impacted by the recent high tariffs placed on electricity. In the meantime, it does not appear that the conditions for mining Bitcoin will improve any time soon.

Before mining Bitcoin can become profitable again, the price of Bitcoin needs to make a comeback. However, given the current state of the market, it is highly unlikely that this will happen any time soon.

The cryptocurrency known as Bitcoin has recently experienced a decline, despite numerous predictions that it would trade at $30,000 before the year 2023. The most recent FTX crisis has resulted in a decrease of over 17% in the price of Bitcoin over the course of the past two weeks.

The price of bitcoin has fallen by more than 75% since it reached its all-time high in 2021. As a result, miners would have to wait for the cryptocurrency to pick up pace in the midst of the downturn in the cryptocurrency market.

Ojike Stella

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