Are There Signs of Miners Giving Up?

The hashrate on the network has reached record levels in recent days, peaking at over 55 million TH/s. However, prices are dangerously close to breakeven points, leading to frequent liquidation offers from mining farms across social media platforms.

The situation escalated a few days ago when the BitPico crypto group announced its decision to liquidate all their BTC holdings at a price of $8,300, alongside plans to sell all of their mining equipment. Following this announcement, the group removed all their tweets and expressed their belief that the BTC markets and mining operations are heavily manipulated.

The actions of miners in the upcoming months could significantly influence BTC prices. Larger, established mining operations that have already recouped their initial investments may endure longer in this environment, while others may struggle to remain profitable.