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Bitcoin miners were in a bind over the cost and difficulty rate of mining. Many of them have turned off their equipment and with this, they have managed to improve the difficulty rate slightly for those who remain. Others are forced to sell part of their Bitcoins to cover expenses or resort to financing rounds and loans.
Core Scientific has sold 7200BTC and has also raised 100 million in funding. In their report, they have explained what steps they are going to follow from now on in detail.
For many, the capitulation of the miners is a symptom of the bottom of the bear market. But we have to keep in mind that the main thing for the rise of any asset is that money enters. This week the market capitalization has improved but we are far from the trillion dollars marked by the ATH.
The macroeconomic situation is another key with many unknowns to clear up, so I don't think there is a magic indicator, but rather that we will have to see many factors come together to return to these figures with Bitcoin.
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