Mining profitability drops to lowest, and 5 per cent of all active BTCs was sold over the past week

Mining profitability drops to lowest

Bitcoin mining profitability has fallen to an all-time low. According to the BitinfoCharts service, for 1 TH/s, a miner now makes a profit of $0.069.

In this situation, manufacturers continue to disconnect from the network: on March 18, the BTC hashrate dropped to 82.285 EH/s, a three-month low. In March, this indicator has fallen by 16%.

Tether mints 160 million USDT: will Bitcoin go up again?

Tether has minted another 161 million USDT stablecoin. Thus, the total value of coins created over the past three months reached $627 million.

According to Capriole analyst Charles Edwards, an increase or decrease in USDT market cap has invariably led to a similar change in bitcoin price. Edwards now expects to see an increase in the price of the first cryptocurrency.

Chainalysis: 5% of all active BTCs were sold
between March 9 to 16

According to Chainalysis, cryptocurrency exchanges received 1.1 million bitcoins over the past week. Two-thirds of these coins are already sold out, so the bulk of the pressure on the market is already behind, analysts say.

Now the influx of BTC to trading platforms exceeds the average daily level two-fold — for comparison, on March 12–13 this figure was exceeded nine-fold, which was the reason behind bitcoin price crash by 37%.

From March 9 to March 16, traders sold 712,000 BTC — 5% of all available coins. However, 95% of the bitcoins remained with the owners, which indicates the confidence of the “hodlers” in the growth of the cryptocurrency exchange rate, Chainalysis experts say.