Bitcoin moves below $20,000 but the mining rate continues to rise

Today (June 18) the bitcoin price fell 9.03% to $19,214.60

Bitcoin’s downward movement this morning came after the Dow Jones Index turned negative in a narrow range on Friday (June 17). It fell 38 points after rising more than 100 points in the first period.

  • The Dow Jones Industrial Average fell 38.29 points, or 0.13%, to close at 29,888.78.
  • The S&P 500 rose 0.22% to close at 3,674.84 points.
  • The Nasdaq rose 1.43% to close at 10,798.35 points.

Movements in the Crypto Space

Marathon Digital, the world’s fifth-largest bitcoin miner and holder, saw a 42% drop in bitcoin mining volume due to cash flow issues.

While the bitcoin price was falling, the bitcoin mining rate reached a high of 6.19%, counteracting the downturn in the crypto market.

The website bitcoinist.com reports that the recent decline in bitcoin prices has not only affected investors but has also spread to other important aspects of the crypto market, such as mining. This has led to both public and private miners having a tough time in the downward trend of the crypto market.

By the end of 2021, bitcoin mining was all the rage and successful. Many public Bitcoin miners have published roadmaps on how to improve their Bitcoin production.

Marathon has mined 462 Bitcoins in January 2022, and the trend is still downward. In May 2022, the company has mined 268 Bitcoins, down 42% from January 2022.

On the other hand, Bitfarms, a company that mines Bitcoin using hydropower, maintained steady growth in the first half of 2022, producing 301 Bitcoins in January 2022 and 431 Bitcoins in May 2022, an increase of 43%.

Marathon Digital’s share price on the Nasdaq fell to $6.87 from a high of $83.45 earlier this year.

On the other hand, amid the market downturn, the bitcoin hash rate reached a new all-time high with 6.23 blocks produced per hour, compared to 5.86 blocks the previous week, an increase of 6.19%.

The Spot Market is Open

Saturday, June 18, 2022

Crypto
Updated at
USD
Price

Change

%Change
17.00 BTC19,192.79-1.287.73-6.15
17.00 ETH996.81-81.91-7.47
17.00 LTC44.71-1.64-3.48
17.00 BNB202.37-13.26-5.80
17.00 XRP0.31-0.01-3.56
17.00 ADA0.47-0.02-3.88
17.00 DOT6.69-0.56-7.74
17.00 DOGE0.05-0.00-5.43
17.00 UNI3.68-0.24-6.04
17.00 LINK5.81-0.58-9.13

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