As bitcoin (BTC) continues to trade a few thousand dollars below $100,000, miners are struggling to run their operations, and as a result, most of them are capitulating.
A report by CryptoQuant analyst Darkfost revealed that the Hash Ribbons metric, an indicator that tells the health of the Bitcoin network by tracking hash rate fluctuations, has just flashed again. This metric often shows face when miners are capitulating.
Bitcoin Miners Are Capitulating
Miner capitulation refers to a period when miners are unable to cover the costs of their operations and have to sell their BTC reserves or exit the market entirely. This often happens when the price of BTC declines, and less efficient miners are mostly affected because they do not earn enough bitcoins to cover their operational costs.
Bitcoin miners usually keep some or all of the BTC they mine to be sold during bull markets for maximized returns, but they are forced to offload their holdings during capitulation.
BTC was worth $96,700
We współpracy z: https://cryptopotato.com/this-metric-indicates-bitcoin-miners-are-capitulating-cryptoquant/
