Blockchain
Bitcoin (BTC) Price Bottom Near as Miners Give Up Near FTX Implosion Level – CryptoQuant
Bitcoin (BTC) Miners are showing signs of capitulation, an event usually associated with market bottoms after the world’s largest cryptocurrency suffered a 13% decline in the last 30 days.
Bitcoin is currently trading at $60,300 after sliding 3% on Wednesday. This level has acted as critical support since April, with bitcoin bouncing off this region three times before heading towards the $70,000 mark.
Two signs of the miners’ capitulation are the drop in hashrate and mining revenue per hash (hashprice), both of which have dropped significantly this month, with hashrate down 7.7% since the halving hit all-time lows. Hashrate is the mining power on the Bitcoin network, and hashprice refers to the revenue miners earn from one unit of hashrate.
Miners are also taking a hit to their daily revenue, which dropped to $29 million today from $79 million on March 6. This has led to miners shutting down equipment and the resulting drop in hashrate.
“Miners have suffered a 63% drop in daily revenue due to the halving and transaction fees plummeting to 3.2% of total revenue,” CryptoQuant said in a report.
Miner capitulation levels are now comparable to those of December 2022, which was the market bottom after the FTX crash.