The Bitcoin network is showing some signs of miner capitulation. This stage is marked by miners ceasing operations or selling part of Bitcoin reserves.
Interestingly, this process has been historically linked to a bottoming of Bitcoin prices, following which the asset is expected to resume a much-needed uptrend.
Signs of Bitcoin Miner Capitulation
Since the recent halving, the network hash rate has dropped by 7.7% from its peak on April 27. According to the latest report CryptoQuant, this decline suggests that less efficient miners have likely shut down their equipment due to negative profitability.
CryptoQuant’s miner profit/loss sustainability indicator reveals that miners have been significantly underpaid since April 20, the day after the 2024 Bitcoin halving,
Daily revenues have plummeted by 63% from $79 million on March 6th to $29 million currently, with transaction fees making up just 3.2% of the total revenue, the lowest share since April 8.
The average mining revenue per has
We współpracy z: https://cryptopotato.com/are-bitcoin-miners-capitulating-amid-the-drop-below-60k/
