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Заголовок Are Bitcoin Miners Capitulating Amid the Drop Below $60K?
Дата 20240704

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Are Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Miners Capitulating Amid the Drop Below $60K?

Are Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Miners Capitulating Amid the Drop Below $60K?

Author: Chayanika Deka

Last Updated Jul 4, 2024 @ 12:42

Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin miner capitulation has often acted as a precursor to price bottoms,
suggesting the crypto might rebound soon.

The Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin network is showing some signs of miner capitulation. This stage is
marked by miners ceasing operations or selling part of Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin reserves.

Interestingly, this process has been historically linked to a bottoming of
Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin prices, following which the asset is expected to resume a much-needed
uptrend.

Signs of Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » 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• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » 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 hash (hash price) is also hovering close to the
all-time lows at $0.049 per EH/s, barely above the record low of $0.045
reached on May 1. Additionally, miners have been transferring Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin out of
their wallets at increased rates, with daily outflows spiking to their highest
volume since May 21, indicating possible selling.

This current phase of miner capitulation mirrors the 7.7% hash rate drawdown
observed in December 2022, a period that marked the bottom cycle following the
FTX collapse. Historically, such significant declines have been linked to
price-bottom conditions.

Darkest Before Dawn?

Further validating the price-bottom thesis is the fact that Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin is
currently trading at a significant discount on Coinbase, a sign that might
indicate that the asset is setting the stage for the next upward movement.

Falcon s head of research, David Lawant recently referenced the same in
a post on X, questioning if it is always darkest before the
dawn. The exec highlighted that the last time the Coinbase premium was
this negative, it was followed by a massive rally from October 2023 to March
2024.

As a result, the current discount could be a precursor to a much-needed rally.

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Tags: Bitcoin (BTC• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin) Price

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