Bitcoin (BTC) miners are "unlikely" to pressure BTC price by selling coins in the coming weeks, new data says.

Every bit part of its latest weekly report, "The Week On-chain," analytics resource Glassnode sought to allay fears of some other large miner sell-off.

Difficulty drop a gift to remaining miners

Among the ongoing transfer of mining equipment — and, therefore, Bitcoin's hash rate — out of People's republic of china, fears accept emerged over miners selling BTC to comprehend costs and liquidations.

Given the magnitude of the geographical changes — the China rout marks the largest hash rate milkshake-up in history — miners could chemical compound selling pressure past disposing of coins that may not otherwise have moved in a long time.

The combined touch of selling and the reduced hash rate offers a "double whammy" for Bitcoin's toll action, reducing the potential for gains or even maintaining significant support levels.

Bitcoin miner wall balance annotated nautical chart. Source: Glassnode

For Glassnode, still, the situation appears to exist already under control. Miners are in transit, it notes, and those notwithstanding online confront a behemothic windfall.

This is because later on this week, Bitcoin'south difficulty will driblet by about 25% — again, the biggest motion down ever — meaning it will be more assisting to mine Bitcoin for the remaining miners.

As such, there should exist less incentive to sell, as network participants will be in an upward spiral of profitability until the missing hash rate returns and difficulty increases.

"The Bitcoin mining puzzle is 23.six% harder despite revenues being up 154% on a vii-day average basis," the report explains.

"Since a very large proportion of hash-power is currently offline and in transit, and the next difficulty adjustment is estimated to be -25%. As such, miners who remain operational are likely to get fifty-fifty more profitable over the coming weeks, unless toll corrects further or migrating hash-power comes dorsum online."

Glassnode added that miners are more than probable to exist liquidating coins amassed over time as part of the motility.

"This largely indicates that miners who are in operation are unlikely to exert excessive compulsory selling... and thus it is more probable that Chinese miners liquidating treasuries is the dominant sell-side source," it ended.

Costing opportunities

A split source, meanwhile, highlighted merely how profitable mining could exist under current circumstances.

Related: World's first Bitcoin ETF adds $3M per day throughout BTC price dip

Using data that puts Bitcoin's energy usage at around 2,520 gigawatt-hours per ii-week difficulty period, writer Hass McCook underscored the 75% profit opportunity open to miners with specific operating and upper-case letter expenditure.

If it costs at the most $xx,000 to mine i BTC, the difference betwixt that expenditure and spot toll, which was $34,500 at the time of writing, is evidently.

"So if the price to mine a money is about $20k in the absolute worst of cases (probably closer to $13-14k for the professional shops now), how hard would you piece of work right now to capture the 75%+ turn a profit available to y'all...?" McCook concluded.