There has been a significant increase in the number of Bitcoin miners transferring their coins to exchanges in recent weeks, which could be a sign of selling pressure in the market. The article notes that miners have historically been a major source of selling pressure in the Bitcoin market, as they often need to sell their coins to cover their operational costs.

On March 23, 2023, bitcoin experienced another difficulty increase, following two previous rises in the last month, jumping 7.56% higher. Currently, bitcoin miners have not been deterred by the increases, as the network hashrate has been coasting along at 346 exahash per second (EH/s).

Cody Harris, member of the Texas House of Representatives, has introduced a resolution aiming to have the legislature say the “Bitcoin economy is welcome” in the state.

Bitcoin miner Bitfarms (BITF) dropped to a fourth-quarter loss as the price of bitcoin fell, costs rose and mining difficulty increased. The firm said it is examining acquisition prospects.

Marathon Digital Holdings, a Bitcoin mining company, announced on 16 March that its revenue for the fourth quarter of 2022 fell 58% year on year to $28.4 million.

Compass Mining, a bitcoin mining firm, published a blog post stating that Bitmain, the company behind the application-specific integrated circuit (ASIC) mining rig, has made changes to its design. The post advised miners to be aware of the changes as Compass Mining identified “three issues” with two different Antminer S19 series mining devices.

A cycle of miner capitulation can be observed throughout Bitcoin’s history.

The bitcoin mining industry appears to be getting back on its feet after a long crypto winter that saw major bankruptcies and fire sales.

Bitcoin (BTC) made a positive start for the month of March as its printed green indexes on Wednesday. Bitcoin price by more than 2% in the last 24 hours. Amid this price surge, BTC miners have been caught moving their reserves to the exchanges.

Since the launch of the new controversial Bitcoin-based non-fungible token (NFT) protocol Ordinals in mid-December, miners on the largest blockchain have made nearly $600,000 in BTC transaction fees.