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19/11/25 08:22 UTC-04

Bitcoin Below $92,000: What’s Happening With the Miners of the First Cryptocurrency

Mining Mining
Mining Bitcoin Below $92,000: What’s Happening With the Miners of the First Cryptocurrency

Despite Bitcoin (BTC) dropping to around ~$91,000, miners are not panicking — they are acting strategically. According to CryptoQuant, the main wave of selling is already behind us.

During the rally of the first cryptocurrency — from October 10 to October 27 — miners maintained a 30-day average net position of +843 BTC. This metric indicates rational accumulation during a bullish trend.

At the beginning of November, Bitcoin lost the key level of $110,000. At that time, the metric sharply shifted into negative territory: between November 7 and 17, it reached –831 BTC. This reflected miners’ adaptation to worsening market conditions.

Miners Are Not Giving Up

An even more important metric is the 30-day distribution. Miners sold coins on only 11 days, while 19 days were spent accumulating. The dynamics remained fairly balanced:

  • 6048 BTC sold;

  • 6467 BTC accumulated.

The largest distribution occurred on November 6, when miners sold 1898 BTC at a price of $102,637. At that time, they were still able to lock in profits, but subsequent selling volumes were much more modest.

Over the past seven days, miners accumulated 777 BTC, despite the price decline. Thanks to these purchases, the 30-day net position returned to positive territory. As of November 17, it stood at +419 BTC.

According to analysts, vulnerable miners have completed the necessary liquidations — selling pressure from their side has subsided. Accumulation near relative price lows has historically preceded phases of market stabilization.

Bitcoin Miners Are Diversifying

Challenging market conditions have pushed some miners to look for alternative profit streams. For example, Bitfury, which has been mining cryptocurrency since 2011, decided to shift its focus.

The company will now support startups in the fields of artificial intelligence and cryptocurrency. To do so, Bitfury is launching a $1 billion investment fund.

Bitcoin mining profitability continues to decline. Negative factors have caused share prices of 20 out of the 22 largest mining companies by market capitalization to fall over the past month.

See also: "Fred Thiel: Bitcoin mining is becoming unprofitable"

#Mining #Bitcoin (BTC)

Editor: Alyona Nabok
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