In the digital currency field, Bitcoin has always been a hot topic that has attracted much attention. Recently, a striking phenomenon has caused widespread discussion in the industry: miners have sold more Bitcoin than they have mined. This phenomenon has not only caused waves in the digital currency market, but also triggered speculation that Bitcoin difficulty may drop significantly. Let's take a deep look at the details and possible impacts behind this sales wave.

In the Bitcoin market, the emergence of a sales wave has attracted widespread attention. The number of Bitcoins sold by miners has significantly exceeded the number they have obtained through mining, which has caused quite a stir in the industry. What exactly caused this situation to happen? Some analysts pointed out that as the price of Bitcoin fluctuates, miners may be more inclined to make profits by selling their Bitcoins rather than holding or continuing to mine. This behavior not only reflects miners' judgment on market trends, but also affects the supply and demand pattern of Bitcoin.

As the Bitcoin sales wave continues to ferment, people began to think about the possible impact of this phenomenon. One of the topics that has attracted much attention is the difficulty of Bitcoin mining. In the past, the difficulty of Bitcoin mining has always been regarded as an important indicator, which directly affects the mining costs and benefits of miners. However, if miners continue to sell Bitcoin, resulting in the number of Bitcoins they mine not meeting market demand, the difficulty of Bitcoin mining may drop significantly. This will have a profound impact on the entire Bitcoin ecosystem, redefining the profit model and market structure of miners participating in mining.

In addition to the possible impact on the difficulty of Bitcoin mining, the sales boom also reveals some potential problems in the Bitcoin market. For example, the large-scale sale of Bitcoin by miners may lead to an oversupply in the market, thus affecting the stability of Bitcoin prices. In addition, the sales boom also exposes the behavioral tendencies of some miners in the face of market fluctuations, which may trigger more discussions on the operating rules and regulatory mechanisms of the Bitcoin market. In this field of digital currency full of variables, the Bitcoin sales boom undoubtedly provides people with an opportunity for thinking and discussion.

In general, the various phenomena and possible impacts caused by the Bitcoin sales boom are worthy of our in-depth thinking and attention. In the rapid development and changes of the digital currency market, it is crucial for investors, miners and industry observers to understand the details behind Bitcoin and explore its potential impact. The sales boom may be just a microcosm of the development process of the Bitcoin market, but the various information and possible impacts it contains will have a profound impact on the future digital currency landscape. Let us pay attention to the Bitcoin sales boom, explore the mysteries, and open a new chapter for the future of the digital currency world.

According to Bitcoin.com, the last Bitcoin mining difficulty adjustment occurred on November 21, with a block height of 764,064. At that time, the Bitcoin mining difficulty increased by only 0.51%, but it had reached a historical high of 36.95T. However, in the week after the 21st, the average computing power of the Bitcoin network has dropped to about 249.1EH/s.

Bitcoin Mining Difficulty

Currently, the average block time of the Bitcoin network is much higher than usual, and the current average block time is about 10.2 minutes to 11.06 minutes; since the mining difficulty adjustment on November 21, the block time interval has been much higher. Previously, from September 29 to November 21, the average block time was less than 10 minutes.

Average Bitcoin Block Time

Longer block times indicate that the 2,016 blocks mined before the next mining difficulty adjustment will be slower than the two-week average. As of press time, statistics show that the mining difficulty may drop by up to 10% on December 5, and Btc.com predicts that the drop will be about 6.13%.

Whether the drop is 6.13% or 10%, it will set the largest drop in Bitcoin mining difficulty in 2022. Previously, the largest drop in Bitcoin mining difficulty this year occurred on July 21, when it dropped by 5.01%.

It is worth noting that the Bitcoin mining (production) cost is about $18,141, which is higher than the current Bitcoin spot price of $16,442.

Comparison of Bitcoin production cost and spot price

As the price of the currency plummeted, HashrateIndex data showed that since Bitcoin hit a historical high of $69,000 in November last year, the price of ASIC mining machines has fallen by 81%, and the hash price (the income miners get from a computing power unit) has also fallen by as much as 84%.

Comparison of ASIC price and hash price

Glassnode, an on-chain data analysis company, shared data on Twitter on the 28th showing that due to the plunge in Bitcoin, the Bitcoin mining industry is under tremendous financial pressure. Bitcoin miners have recently sold about 135% of the mined Bitcoins. More than 100% indicates that miners have sold more coins than they have recently mined, which means that miners are selling part of their previous 78,000 Bitcoin reserves.

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