Bitcoin miners are showing signs of capitulation, similar to the market bottom following the FTX collapse in late 2022. This is marked by a significant drop in daily revenue and hashrate, with miners turning off equipment due to falling profits. Daily miner revenue has plummeted from $79 million on March 6th to $29 million today, driven by the halving and declining transaction fees. The hashrate has also dropped by 7.7% since the halving, reaching near all-time lows. CryptoQuant, a data provider, believes that this miner capitulation suggests a potential market bottom is near. Bitcoin's price has been struggling in recent weeks, falling by 13% over the past 30 days and currently trading at $60,300.
Coindesk•2 years ago•
1050
Bitcoin Miners Capitulating: Market Bottom Near FTX Crash Levels?
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Summary:
Bitcoin miners are experiencing capitulation, similar to the market bottom after the FTX crash.
Miner daily revenue has plummeted from $79 million to $29 million due to the halving and falling transaction fees.
Hashrate has dropped by 7.7% since the halving, reaching near all-time lows.
CryptoQuant believes this miner capitulation indicates a potential market bottom is near.
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