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On-chain data: The profitability sustainability indicator for Bitcoin miners has significantly decreased recently.
Gate News bot message, analyst IT Tech pointed out in a CryptoQuant Quicktake article that the sustainability indicator of Bitcoin (BTC) miner profits and losses has recently dropped significantly. The "miner profit and loss sustainability" is an on-chain indicator that compares miner income with mining difficulty.
When the value of this indicator is positive, it means that the income of miners is relatively high compared to the Mining Difficulty of the blockchain. This trend may indicate that the rewards for these on-chain validators could be excessively high.
On the other hand, if the indicator is deep in the negative value area, it may indicate that miners' rewards are too low, as their income is very low despite the high difficulty.
The profitability sustainability of Bitcoin miners has fallen deep into the red zone, indicating that miners' income has decreased relative to the Mining Difficulty.
The indicator is now sending a "severely undervalued" signal to miners. Historically, whenever miners face financial pressure, they tend to sell off some to pay for electricity bills. Given the current situation of the miner community, BTC may soon face greater selling pressure from them.
So far, the sales of miners have actually shown a downward trend, as indicated by the trend of another metric.
The chart shows the logarithmic data of Bitcoin miners' selling power, which measures the ratio of BTC miners' outflow (i.e., the amount flowing out of their wallets) to their total holdings.
The indicator has recently appeared to decline sharply, which may suggest that the selling volume participated by miners has decreased relative to their reserves. However, considering the pressure faced by these on-chain validators, it remains to be seen how long this balance can be maintained.
Data shows that the total computing power "hash rate" used by miners has plummeted, as indicated by the 7-day average of this metric.
Earlier this month, the Bitcoin hash rate briefly reached an all-time high (ATH), but has since plummeted, meaning that miners are unable to