Bitcoin’s value against the U.S. dollar lost 7.3% during the last 24 hours after more than $600 million in value was removed from the $1.07 trillion crypto economy. Statistics show that a number of bitcoin miners capitulated over the last two weeks, selling 5,925 bitcoin worth millions, according to cryptoquant.com data.
Bitcoin’s U.S. dollar value slid from $23,593 per unit to $21,268 per coin at 8:30 a.m. (EST) on Friday morning. More than $600 million has been erased from the crypto economy during the last day as BTC lost 7.3% and ETH shed 7.4%. A number of other coins lost value against the U.S. dollar as well as BNB dipped by 5%, XRP slipped by 9%, and ADA lost 10.3% during the past 24 hours.
The end of a miner capitulation historically marks a bear market bottom.
Using the current difficulty parameter, BTC’s current market value and a cost of around $0.12 per kilowatt hour (kWh), a Bitmain Antminer S19 XP with 140 terahash per second (TH/s) can get an estimated $4.85 per day in profit. The Microbt Whatsminer M50S launched in July with 126 TH/s can get an estimated $2.74 per day in profit, according to current market statistics.
What do you think about miners selling 5,925 bitcoin during the last two weeks? Do you think miner capitulation is over or will continue? Let us know what you think about this subject in the comments section below.