On-chain data shows miners have been capitulating en masse throughout the year. However, this doesn't mean that they have been selling all of their BTC.

Sharp falls in the token’s price and the rising cost of energy prompt managers to short several key playersHedge funds have been upping their short positions against shares of cryptocurrency miners, betting that more will go to the financial brink after the collapse of the FTX exchange.

Texas is offering an interim, voluntary power curtailment program for “Large Flexible Loads (LFL),” which will incentivize bitcoin miners to lower their power consumption during a period of high electricity demand.

<a href="https://ambcrypto.com/?s=Bitcoin">Bitcoin [BTC</a>] miners continued selling off massive units of the king coin as the pressure to uphold its stay mounted. This development came to light through Joaowedson, a CryptoQuant analyst. He <a href="https://cryptoquant.com/quicktake/638a96fdfbe454308ff03d5b-Miners-facing-capitulation" target="_blank">pointed out</a> that the increasing cost of mining might have forced this position. Joaowedson, who doubles as a data scientist, elaborated,&nbsp;

Bitcoin miners were one of those sections of the crypto community who were impacted massively by the crypto winter, thanks to the selling pressure. According to the founder of Capriole Fund, Charles Edwards, the increase in miners’ stress could also paint a negative outlook for the king coin in the long term.

The revenue Bitcoin miners receive is tumbling amid the depressing market conditions and lower prices. Somewhat expected, as the BTC dollar value goes down, so do the proceedings from mining.