Bitcoin price crash brought losses to everyone - investors and traders and did not even spare miners. The people who have been validating the blocks o
n the network bore the brunt of the market as they faced unprecedented losses, forcing them to move to sell for a long time.Bitcoin price had been hovering around $30,000 before it crashed this month, and at the time of writing, the cryptocurrency could be seen under the $26,000 mark. The biggest cryptocurrency in the world has already failed all its attempts toBTC/USD 1-day chart
Following the crash, the Bitcoin mining difficulty hit an all-time high, which, while a good thing for the network, is actually concerning for the miners. An increase in mining difficulty is usually a sign of growing competition as more miners join the network in a bid to make profits. This bolsters the security of the network, keeping it safe from a 51% attack controls 51% of the blockchain validation, killing decentralization).
In the span of a day, Bitcoin miners sold about 2,803 BTC worth approximately $72.8 million, the highest to cover the losses they have been experiencing. Since operation costs are consistently increasing, the miners are forced to sell their holdings in order to pay their bills.
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