After a dip, BTC’s hashrate gained upward momentum and recovered.
BTC was down by over 2% in the last seven days while selling pressure increased.
Bitcoin [BTC] witnessed a sharp drop in a key mining metric that suggested a decline in the industry. Not only that, but miners seemed to have been selling their assets.
Does this mean that they have lost faith in BTC while it awaits its upcoming halving in 2024?
Is Bitcoin’s mining industry declining?
As we are entering the new year, Bitcoin witnessed a massive drop in its key mining metric. To be precise, BTC’s hashrate sank sharply on the 29th of December. A drop in the metric generally means an outflow of miners from the ecosystem.
Apart from that, another key metric that sank in the recent past is BTC’s miners’ balance, as evident from Glassnode’s data.
Source: Glassnode
At first glance, this might look disastrous for Bitcoin, as it is expecting its next halving in just a few months. However, upon closer inspection,
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