{"id":350039,"date":"2023-10-11T19:00:42","date_gmt":"2023-10-11T13:30:42","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=350039"},"modified":"2023-10-11T14:23:47","modified_gmt":"2023-10-11T08:53:47","slug":"this-is-how-bitcoin-must-perform-to-sustain-its-mining-industry","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/this-is-how-bitcoin-must-perform-to-sustain-its-mining-industry\/","title":{"rendered":"This is how Bitcoin must perform to sustain its mining industry"},"content":{"rendered":"<ul>\n<li><em><span style=\"font-weight: 400;\">Miners\u2019 balance has gained upward momentum for the past few weeks.\u00a0<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">BTC was down by over 2% in the last 24 hours, and a few metrics looked bearish.\u00a0<\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The<\/span> <span style=\"font-weight: 400;\">Bitcoin [BTC]<\/span><span style=\"font-weight: 400;\"> mining sector has been witnessing immense growth over the last few months. A possible reason for the growth could be the fact that miners were actually making a profit.\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Read<\/span> <a href=\"http:\/\/ambcrypto.com\/predictions\/bitcoin-price-prediction\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Bitcoin\u2019s [BTC] Price Prediction<\/span><\/a><span style=\"font-weight: 400;\"> 2023-24<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">However, things can change soon as BTC is expecting its next halving, which will reduce miners&#8217; rewards to half.<\/span><\/p>\n<h4><b>Bitcoin\u2019s mining industry is growing ahead of the halving<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Notably, Coinwarz&#8217;s<\/span> <a href=\"https:\/\/www.coinwarz.com\/mining\/bitcoin\/hashrate-chart\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">data<\/span><\/a><span style=\"font-weight: 400;\"> revealed that BTC\u2019s hashrate has surged considerably over the last few months. At press time, BTC\u2019s hashrate stood at 517.41 EH\/s. Additionally, James V. Straten, a popular crypto researcher and data analyst, pointed out that BTC\u2019s difficulty has also continued to grow.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">With <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> difficulty continuing to increase and hitting all-time highs, and a halving approaching in April. <\/p>\n<p>The current all-in cost to mine <a href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&amp;ref_src=twsrc%5Etfw\">#BTC<\/a> is roughly around $24,000.<\/p>\n<p>By the halving, miners may be under pressure if <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> is under roughly $40,000 next year. <\/p>\n<p>I\u2026 <a href=\"https:\/\/t.co\/Bd2PUkJ4Nt\">pic.twitter.com\/Bd2PUkJ4Nt<\/a><\/p>\n<p>&mdash; James Van Straten (@btcjvs) <a href=\"https:\/\/twitter.com\/btcjvs\/status\/1711750342126276640?ref_src=twsrc%5Etfw\">October 10, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">The reason behind this growth could be the profits amassed by miners. The current all-in cost to mine BTC is nearly $24,000, and at press time,<\/span> <a href=\"http:\/\/ambcrypto.com\/bitcoin-soars-past-ethereum-what-now\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">BTC<\/span><\/a><span style=\"font-weight: 400;\">\u2019s price remained above the $27,000 mark, revealing that miners were making a profit. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">In fact, that might be the reason behind the sharp hike in miners\u2019 balance as well, which reflected their willingness to hold BTC.<\/span><\/p>\n<figure id=\"attachment_350040\" aria-describedby=\"caption-attachment-350040\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/glassnode-studio_bitcoin-balance-in-miner-wallets-btc-all-miners-1.png\"><img decoding=\"async\" class=\"wp-image-350040 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/glassnode-studio_bitcoin-balance-in-miner-wallets-btc-all-miners-1.png\" alt=\"\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/glassnode-studio_bitcoin-balance-in-miner-wallets-btc-all-miners-1.png 1800w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/glassnode-studio_bitcoin-balance-in-miner-wallets-btc-all-miners-1-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/glassnode-studio_bitcoin-balance-in-miner-wallets-btc-all-miners-1-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/glassnode-studio_bitcoin-balance-in-miner-wallets-btc-all-miners-1-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/glassnode-studio_bitcoin-balance-in-miner-wallets-btc-all-miners-1-1536x864.png 1536w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><\/a><figcaption id=\"caption-attachment-350040\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">However, as BTC\u2019s next halving approaches, it becomes important for BTC to raise its price in order to keep miners profitable. This is because after the halving, miners\u2019 reward will be reduced to halving. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Straten mentioned in the tweet that by halving, miners may be under pressure if Bitcoin is under roughly $40,000 next year. Therefore, let&#8217;s take a look at BTC\u2019s on-chain metrics to see whether BTC\u2019s price can begin its bull rally anytime soon.<\/span><\/p>\n<h4><b>Will Bitcoin begin a rally?<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">The aforementioned data suggested that it was key for Bitcoin to raise its value over the upcoming months to maintain its growth in the mining sector. However, things on the ground did not suggest that BTC was about to initiate a bull rally. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">In the last 24 hours alone, BTC\u2019s price dropped by more than 2%. At the time of writing, it was<\/span> <a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">trading<\/span><\/a><span style=\"font-weight: 400;\"> at $27,039.44 with a market capitalization of over $527 billion. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">In fact, CryptoQuant\u2019s data revealed that the king of cryptos\u2019 was actually under selling pressure. This was illustrated by BTC\u2019s Exchange Reserve, which has been increasing over the last few days. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Moreover, its net deposits on exchanges were also high compared to the last seven-day average, establishing the fact that<\/span> <a href=\"http:\/\/ambcrypto.com\/bitcoins-volatility-increases-in-october-the-start-of-something-new\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">BTC<\/span><\/a><span style=\"font-weight: 400;\"> was under selling pressure at the time of writing.<\/span><\/p>\n<figure id=\"attachment_350041\" aria-describedby=\"caption-attachment-350041\" style=\"width: 1292px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/CryptoQuant-BTC-1-1.png\"><img decoding=\"async\" class=\"wp-image-350041 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/CryptoQuant-BTC-1-1.png\" alt=\"\" width=\"1292\" height=\"375\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/CryptoQuant-BTC-1-1.png 1292w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/CryptoQuant-BTC-1-1-300x87.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/CryptoQuant-BTC-1-1-1024x297.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/CryptoQuant-BTC-1-1-768x223.png 768w\" sizes=\"(max-width: 1292px) 100vw, 1292px\" \/><\/a><figcaption id=\"caption-attachment-350041\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Is your portfolio green? Check out the<\/span> <a href=\"http:\/\/ambcrypto.com\/calculator\/bitcoin-profit-calculator\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">BTC Profit Calculator<\/span><\/a><span style=\"font-weight: 400;\">\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">Nonetheless, nothing can be said with the utmost certainty, as a few of the metrics were bullish as well. For example, BTC&#8217;s aSOPR was green at the time of writing. This meant that more investors were selling at a loss, which generally indicates a market bottom. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Moreover, Bitcoin&#8217;s Binary CDD was also in the green, suggesting that long-term holders\u2019 confidence in BTC was high.<\/span><\/p>\n<figure id=\"attachment_350042\" aria-describedby=\"caption-attachment-350042\" style=\"width: 1333px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/CryptoQuant-BTC-2-1.png\"><img decoding=\"async\" class=\"wp-image-350042 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/CryptoQuant-BTC-2-1.png\" alt=\"\" width=\"1333\" height=\"373\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/CryptoQuant-BTC-2-1.png 1333w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/CryptoQuant-BTC-2-1-300x84.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/CryptoQuant-BTC-2-1-1024x287.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/CryptoQuant-BTC-2-1-768x215.png 768w\" sizes=\"(max-width: 1333px) 100vw, 1333px\" \/><\/a><figcaption id=\"caption-attachment-350042\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>As per recent data, the cost to mine Bitcoin was nearly $24,000. But BTC\u2019s price must rise above $40,000 after 2024&#8217;s halving for miners to earn profits.<\/p>\n","protected":false},"author":75,"featured_media":350043,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,360,66,3,4,20],"tags":[],"class_list":["post-350039","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-btc-trading-view","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.5 (Yoast SEO v28.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>This is how Bitcoin must perform to sustain its mining industry - AMBCrypto<\/title>\n<meta name=\"description\" content=\"The Bitcoin mining sector has been witnessing immense growth over the last few months as its hashrate continues to increase.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/this-is-how-bitcoin-must-perform-to-sustain-its-mining-industry\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"This is how Bitcoin must perform to sustain its mining industry - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"As per recent data, the cost to mine Bitcoin was nearly $24,000. But BTC\u2019s price must rise above $40,000 after 2024&#039;s halving for miners to earn profits.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ambcrypto.com\/this-is-how-bitcoin-must-perform-to-sustain-its-mining-industry\/\" \/>\n<meta property=\"og:site_name\" content=\"AMBCrypto\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/cryptoamb\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-11T13:30:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/BTC.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"Dipayan Mitra\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/twitter.com\/DiDipayan\" \/>\n<meta name=\"twitter:site\" content=\"@CryptoAmb\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Dipayan Mitra\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"AnalysisNewsArticle\",\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/this-is-how-bitcoin-must-perform-to-sustain-its-mining-industry\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/this-is-how-bitcoin-must-perform-to-sustain-its-mining-industry\\\/\"},\"author\":{\"name\":\"Dipayan Mitra\",\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/#\\\/schema\\\/person\\\/a3c1a47ad2d3e2a023516862993813cd\"},\"headline\":\"This is how Bitcoin must perform to sustain its mining industry\",\"datePublished\":\"2023-10-11T13:30:42+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/this-is-how-bitcoin-must-perform-to-sustain-its-mining-industry\\\/\"},\"wordCount\":548,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/this-is-how-bitcoin-must-perform-to-sustain-its-mining-industry\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/ambcrypto.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/BTC.webp\",\"articleSection\":[\"Bitcoin\",\"BTC Trading View\",\"News\",\"News 1\",\"Social\",\"Trading View\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/ambcrypto.com\\\/this-is-how-bitcoin-must-perform-to-sustain-its-mining-industry\\\/#respond\"]}],\"copyrightYear\":\"2023\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/this-is-how-bitcoin-must-perform-to-sustain-its-mining-industry\\\/\",\"url\":\"https:\\\/\\\/ambcrypto.com\\\/this-is-how-bitcoin-must-perform-to-sustain-its-mining-industry\\\/\",\"name\":\"This is how Bitcoin must perform to sustain its mining industry - 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