• 23 July, 2024
Market News

Bitcoin Price Jumps 4% As BTC Miners Starting To Emerge From Crypto Winter; Are Gains Sustainable?

Bitcoin miner’s activity increased lately however expert believe it could exploit the price

Bitocin miner’s activity is getting back on its track after a long crypto winter in 2022. Bitcoin price has touched high above $26,000 on Tuesday and seems capital is starting to flow into the sector once again. In the previous year a slump in prices has eaten miner’s margins therefore, they are no longer able or willing to hold onto all of their mined digital assets indefinitely.

In the recent development, a solo Bitcoin miner managed to mine 780,112th block in the  Bitcoin blockchain, recieving a 6.25 Bitcoin block reward in return. It is a very rare event that a solo miner validates a BTC block.

But, these increased activity raises concern on Twitter community. 

According to analytic firm, Crytpoqauant miners reserves are rising specifically on the derivative sides. Miners are the main provider of BTC supply. Bitcoin mining requires high computational power to solve and add the next Bitcoin block to the network.

Further, BTC traders in the derivative markets are keen on opening long positions that lead to the recent gains in the price.

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