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On the Margin: The Last Bitcoin Cycle That Matters | Charles Edwards

Supply Shock

NOTE

In Mining, Cycles Drive Investment Strategies

Miners historically played a crucial role in the Bitcoin ecosystem, often significantly influencing market dynamics. Their operational costs, such as investments in new hardware and infrastructure, could lead them to sell Bitcoin during price cycles. Although miners were once the primary players in this space, their influence has diminished with the emergence of other significant entities like ETFs and institutional investments.

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