Analysis: Miner surrender selling is more worrying than miner fees

According to data from Arcane Research, Bitcoin miner fees are also declining in value. Over the past week, Bitcoin miner fees have dropped by 7.90%, and have dropped by more than 35% over the past 30 days. The 7-day average of Bitcoin miner fees has dropped by about $ 150,000, which is reported to be the lowest level since March 2019, when Bitcoin was worth about $ 4,000. The above statistics may be affected by the decline in trading volume over the past few months.
Although the impact of the decline in mining fees has been minimal, a major concern surrounding the industry is the increasing surrender of miners. As of press time, as Bitcoin's valuation continues to decline, miners have not made a profit from the industry. In response, unprofitable miners are selling their tokens to cover operating expenses. The surrender of a small number of miners will not have a huge impact on the price of Bitcoin, but the current situation indicates that the crypto market may enter a period of sharp decline.