Data Shows Bitcoin Miners are Now Unprofitable; Here’s What This Means for BTC

Bitcoin has been on a wild ride over the past several weeks and months, with the benchmark cryptocurrency plummeting from recent highs of $10,500 to lows of $3,500 before garnering significant buying pressure that has since sent it back to its current price within the mid-$5,000 region.

This intense volatility has come about in tandem with that seen by the traditional markets, which have also been caught within an intense downwards trend over the past few weeks.

The ongoing selloff has led Bitcoin miners to be largely unprofitable, also leading the crypto’s hashrate to plummet.

The shift in miner’s profitability could have implications on BTC’s price in the near-term as well, as miners are now disincentivized from selling their crypto.

Bitcoin’s Hashrate Plummets as Miners Begin Capitulating

Although the cost to mine one Bitcoin varies geographically based on electricity rates, the recent selloff has largely made it unprofitable for miners to continue their normal operations.

As…