Bitcoin hashrate recently declined, signaling miner capitulation across the network.
VanEck says historical hashrate drops often precede stronger network recovery trends.
A wave of pressure from miners has resurfaced after VanEck’s latest report revealed a hashrate decline of around 4% in the 30 days to mid-December, the largest monthly decline since April of last year. This condition is identified as a miner capitulation phase, a situation where some miners are forced to stop operating because costs no longer match their revenues.
Bitcoin Could Be Nearing a Bottom as Miner Pressure Fades
However, this story isn’t always so grim. VanEck instead looks at it from a different perspective. They looked at historical data since 2014, and interestingly, when the hashrate drops in a 30-day period, the asset often reverses course and rises in the following 90 days. The probability of a rebound is said to be around 65%.
Over a slightly longer timeframe, this encouraging pattern has tende
