ChainCatcher reported that CryptoQuant analyst Darkfost said miner selling pressure has returned following Bitcoin’s recent price rebound. The key signal cited by Darkfost is a significant increase in miner inflows to Binance, indicating that miners are sending more Bitcoin to the exchange.
Darkfost noted that miner hashrate has fallen by about 28% since the end of last October, alongside a 20% difficulty adjustment. These two data points form the operating backdrop for miners and help explain why pressure from the mining sector has reappeared as prices recovered.
According to Darkfost’s figures, the current production cost for Bitcoin is around $76,000, while Bitcoin is trading at about $65,000. With production costs above the trading price, most miners are operating at a loss and are being forced to sell coins to deal with financial pressure.