{"id":497222,"date":"2022-09-30T14:05:24","date_gmt":"2022-09-30T11:05:24","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-sees-first-difficulty-drop-in-2-months-as-miners-sell-8k-btc\/"},"modified":"2022-09-30T14:05:24","modified_gmt":"2022-09-30T11:05:24","slug":"bitcoin-sees-first-difficulty-drop-in-2-months-as-miners-sell-8k-btc","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-sees-first-difficulty-drop-in-2-months-as-miners-sell-8k-btc\/","title":{"rendered":"# Bitcoin sees first difficulty drop in 2 months as miners sell 8K BTC"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a29a09e1d21a\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a29a09e1d21a\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-sees-first-difficulty-drop-in-2-months-as-miners-sell-8k-btc\/#%E2%80%9D_Bitcoin_sees_first_difficulty_drop_in_2_months_as_miners_sell_8K_BTC_%E2%80%9C\" >&#8221; Bitcoin sees first difficulty drop in 2 months as miners sell 8K BTC &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-sees-first-difficulty-drop-in-2-months-as-miners-sell-8k-btc\/#Bitcoin_miners_see_heavy_sales\" >Bitcoin miners see heavy sales<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-sees-first-difficulty-drop-in-2-months-as-miners-sell-8k-btc\/#Difficulty_comes_off_record_highs\" >Difficulty comes off record highs<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Bitcoin_sees_first_difficulty_drop_in_2_months_as_miners_sell_8K_BTC_%E2%80%9C\"><\/span>&#8221; Bitcoin sees first difficulty drop in 2 months as miners sell 8K BTC &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-6ebd806f>Bitcoin (BTC) miners remain under stress at current price levels as data shows large outflows from miner wallets returning.<\/p>\n<p>As per on-chain analytics firm <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&amp;category=&amp;ema=0&amp;m=distribution.BalanceMinersChange&amp;mAvg=0&amp;mMedian=0&amp;s=1645364456&amp;u=1664496000&amp;zoom=\">Glassnode<\/a>, monthly miner sales totaled up to around 8,000 BTC in September.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bitcoin_miners_see_heavy_sales\"><\/span>Bitcoin miners see heavy sales<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In contrast to the June lows, when BTC\/USD hit its current multi-year floor of $17,600, miners are currently selling considerable amounts of BTC.<\/p>\n<p>According to Glassnode, which tracks the 30-day change in miner balances, at the start of the month, miners were down a maximum 8,650 BTC over the month prior.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-09\/cc076caa-0881-4e5e-89c4-1df651275171.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin miner net position change chart. Source: Glassnode<\/em><\/figcaption><\/figure>\n<p>While this subsequently reduced, taking into account changes in the BTC price, miners are still selling more than they earn on a rolling monthly basis.<\/p>\n<p>As of Sep. 29, the latest date for which complete data is available, miners were down a combined 3,455 BTC over 30 days \u2014 nonetheless c<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ing a 1-month low in exchange transactions, Glassnode <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/glassnodealerts\/status\/1575715971116982272\/photo\/1\">noted<\/a>.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-09\/407a42a4-d5a0-4617-810b-4efcb9a43f00.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin miners to exchange flow chart. Source: Glassnode\/ <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a><\/em><\/figcaption><\/figure>\n<p>The miner squeeze even caught the attention of mainstream media this week, with Reuters describing the sector as \u201cstuck in a bear pit.\u201d<\/p>\n<p>\u201cBitcoin miners have continued to watch margins compress \u2014 the price of bitcoin has fallen, mining difficulty has risen, and energy prices have soared,\u201d the publication <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.reuters.com\/technology\/cryptoverse-bitcoin-miners-get-stuck-bear-pit-2022-09-27\/\">quoted<\/a> Joe Burnett, head analyst at mining firm Blockware, as saying.<\/p>\n<p>With BTC\/USD forecast to potentially drop even more in line with global macroeconomic strife, miners could face additional hurdles to come.<\/p>\n<p>This would further stress an essential component of the Bitcoin ecosystem which just in August ended a \u201ccapitulation\u201d phase to claw back some profitability.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Difficulty_comes_off_record_highs\"><\/span>Difficulty comes off record highs<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Signs of change are evident in current network fundamentals numbers.<\/p>\n<p>At the latest automated adjustment on Sep. 28, Bitcoin mining difficulty decreased by 2.14% \u2014 its first decline since July.<\/p>\n<p><strong><em>Related:\u00a0More ancient Bitcoin leaves its wallet after 10-year hibernation<\/em><\/strong><\/p>\n<p>The metric, which provides multiple insights into network operation and miner buoyancy, was previously at all-time highs.<\/p>\n<p>In two weeks\u2019 time, however, the uptrend is estimated to resume, with the ultimate result dependent on price action in the meantime.<\/p>\n<p>Similarly, the Bitcoin network hash rate is currently circling slightly lower levels than recent peaks, nonetheless still near all-time highs of its own, according to combined data from <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/btc.com\/stats\/diff\">BTC.com<\/a> and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/miningpoolstats.stream\/bitcoin\">MiningPoolStats<\/a>.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-09\/f5e92321-0e8a-4de1-ba47-9d8c4260b33f.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin network fundamentals overview (screenshot). Source: BTC.com<\/em><\/figcaption><\/figure>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-sees-first-difficulty-drop-in-2-months-as-miners-sell-8k-btc\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Bitcoin sees first difficulty drop in 2 months as miners sell 8K BTC &#8220; Bitcoin (BTC) miners remain under stress at current price levels as data shows large outflows from miner wallets returning. As per on-chain analytics firm Glassnode, monthly miner sales totaled up to around 8,000 BTC in September. Bitcoin miners see heavy&#8230;<\/p>\n","protected":false},"author":1,"featured_media":497223,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDkvNDBhMzg0NjMtMDJkNS00YTI1LTlkYjItNjFjNTJmYTJhZWM5LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74989,74937,73785],"class_list":["post-497222","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-mining","tag-bitcoin-price","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/497222","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=497222"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/497222\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/497223"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=497222"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=497222"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=497222"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}