2021-4-19 08:34 |
On-chain analyst Willy Woo argues a massive power outage in Chinese mining hub Xinjiang drove Bitcoin’s violent crash down to $50,000.
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Crypto mining firm CleanSpark has been aggressively expanding its fleet of mining machines this year, despite mining profitability being far from its all-time highs.
As Bitcoin remains well-positioned for a steady recovery, the mining industry witnessed a 50% growth in revenue in terms of U.S. dollars.
Data shows that Bitcoin miners’ BTC reserves are at their lowest since December 2021, despite a dramatic hash rate renaissance.
Bitcoin’s mining difficulty fell by 7. 32% over the past two weeks, the largest negative adjustment in almost 18 months. Mining difficulty adjusts every 2,016 blocks or roughly two weeks and depends on average block time (10 minutes) and hashrate.
Only once before has BTC been such good value versus hash rate — and that was long before even the 2017 all-time high.
Miners may hit pause on the good times for BTC price action, according to one theory, as the weekend promises support tests.
Efforts to keep Bitcoin mining operations afloat may end up pushing the spot BTC price even lower.