Bitcoin Miners Sell Off, Driving Price Drop

Bitcoins recent price drop, falling below ninety thousand dollars, is not solely due to market factors. Bitcoin miners, facing rising electricity costs driven by AI data centers, are selling off their holdings, exacerbating the sell-off. With US wholesale power prices set to rise another 8.5% next year, many miners are shifting strategies, selling Bitcoin to cover expenses and hosting AI workloads for higher, stable revenue, further increasing Bitcoin supply at a time of cooling demand.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.