Alphractal: Bitcoin Miners Under Pressure, But Reserves are Not Being Sold

Cryptocurrency analysis firm Alphractal shared a noteworthy assessment regarding the Bitcoin mining sector. The report emphasizes that miners are reluctant to sell their reserves despite low profitability.

Transaction Fees Historical Low, Revenues Decreased

The total transaction fees paid on the Bitcoin network have fallen to their lowest levels since 2012. The low activity on-chain has led to a significant contraction in miner revenues. Additionally, despite the recent decline in hash rate, there has not yet been an adjustment in network difficulty. This situation further reduces miners' profit margins and delays the network's return to equilibrium.

Hash Rate is Fluctuating, ASIC Devices are Shutting Down

The Bitcoin network is experiencing one of the largest hash rate fluctuations in its history. According to Alphractal, this situation is caused by some large miners shutting down their ASIC devices due to low income and decreasing network demand.

Reserves are Being Protected: Positive Signal

Despite tough conditions, miners' reluctance to liquidate their reserves is seen as a sign of confidence in the market. Alphractal notes that some mining pools may have scaled down their operations due to low activity on-chain. In the current environment, where Bitcoin is trading above $107,000, miners are thought to be reallocating hash power to use it more efficiently.

Not Capitulation, but a Consolidation Process

According to Alphractal analysis, in previous cycles, miners tended to sell during periods of price increases and high network usage. However, in the current situation, both price and network activity are low. This indicates that the market may be in a 'consolidation process' rather than a 'capitulation'.

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