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RE: Good news – Steem is 371 percent up!
I think miners influence the price of bitcoin but they are representing only one factor, on the suppl side.
Normally, if bitcoin price falls miners shut down operations, but remaining miners earn more. If price goes up, more miners are mining and their individual rewards decrease.
But now, authorities in different countries elevated electricity prices and miners had to sell more bitcoins to cover expenses. That can have caused an increased sell-of by the miners. But the demand side is week, also, and that should have other reasons.
High electricity consumption protects the bitcoin system from centralization. If you need several atomic plants to take over the system, it can be really secure and free from counterfeits.