Bitcoin's network hash rate has surged to an average of 912 EH/s, marking a 9.28% increase from last week's 835 EH/s, according to cloverpool. Despite this growth, Bitcoin's average price fell by 11.22% to $78,781, with fluctuations between $62,182 and $84,599, as reported by blockchain.com. The rising hash rate and declining prices have pushed some S21 series and Antminer mining machines to their shutdown thresholds, indicating potential short-term selling pressure. Additionally, Bitcoin mining company Cango Inc. reported holding 7,474.6 BTC in its January report, highlighting the financial strain on miners as costs surpass profitability levels.
Bitcoin Mining Costs Exceed Threshold, Potential Selling Pressure Ahead
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