Bitcoin miners are treading water, but no alarms of a 'total firesale'

The rising operational costs and lower rewards are taking its toll on Bitcoin miners but it isn’t at catastrophic levels by any means, according to a cryptocurrency analyst.

“We are in a period of hash ribbon inversion, and blocks are coming in about 14 seconds slower than they should do. hat tells you that there is less hash rate online, blocks are being found slightly slower,” Glassnode lead analyst James Check aka “Checkmatey” said in a June 21 X video.

“About 5% of mining hashrate is struggling about the moment,” Check explained, referring to the amount of processing and computing power being given to the network through mining.

Check claims that “5% isn’t enormous” and it is likely that Bitcoin miners are “likely” to be distributing some of their holdings, but it doesn’t appear to be a “complete and total firesale.”