Report: Miners need to sell $6 billion worth of Bitcoin each year to break even

CoinMetrics, an encryption market data provider, recently released its 24th Network Status Report, which shows that the current bitcoin power is consistent with the recent historical average, but below the recent high, reflecting the price decline. In this interval, there have been only three negative growths in Bitcoin history. In addition, the report also pointed out that mining work is the only natural seller in the bitcoin market, and its behavior can reflect the health of the encrypted network. At current prices, if miners are to break even, they must sell $6 billion in BTCs a year. The increase in computing power often lags behind the price increase for several months, and the decline in computing power may be a key event that has a large impact on the miners-led selling pressure.