Bitcoin Hashrate at All-Time High, Heightening Miners' Selling Pressure

IconCryptoNewsTerminal Staff29 May, 2024

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Bitcoin Hashrate at All-Time High, Heightening Miners' Selling Pressure

Bitcoin Hashrate Surges to New Heights, Exerting Selling Pressure on Miners The Bitcoin network's hashrate, a measure of the computational power dedicated to mining BTC, has reached an unprecedented high of 732 EH/s. This surge, accompanied by a notable increase in the 7-day average hashrate, has heightened pressure on miners to sell their BTC holdings in order to cover operating expenses. As the hashrate climbs, mining becomes more competitive, leading miners to potentially unload greater amounts of their Bitcoin. This selling pressure could have implications for the market, as it may contribute to downward price movements.

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