Miners switched to accumulation amid recovery of BTC hashrate

by in Cryptocurrency News

BTC

In June, the bitcoin hash rate dropped to 84.79 EH/s, the lowest since September 2019.

The drop in network capacity was observed against the background of the mass migration of miners from China. Almost all mining pools began to sell the mined BTC to receive funds for the transportation of equipment to other countries and its subsequent launch.

In July, the migration ended, and the bitcoin hash rate began to gradually increase. Now, this indicator has returned to the levels of the beginning of June (139.5 EH/s).

According to the Glassnode platform, the recovery of the hashrate was accompanied by a gradual transition of miners to the accumulation of mined cryptocurrency.

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This trend helps to ease the pressure on the market and leads to a drop in the supply of BTC. Analysts believe that the accumulative strategy of miners will become one of the factors that will change the dynamics of the Bitcoin movement shortly.

Researchers have taken the last six months as a starting point. During this period, accumulation alternated with sales, but the overall trend was positive.

In total, miners' wallets were replenished with about 14,000 bitcoins worth about $ 600 million. In July-August, the accumulation became more active, according to the Glassnode report.

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Meanwhile, under pressure from the sell-off in the American stock market, the cryptosphere began a new week with the release of positions. Bitcoin fell below $ 43,000. The coin is now trying to bounce off the $ 42,950 mark.

Analysts at WhaleMap pointed to a strong support zone for the cryptocurrency around $ 40,000. In their opinion, "whales" should help the coin to hold on to fundamental values.