Bitcoin

<h2 id="quick-take">Quick Take</h2>
<ul>
<li>Between the months of November 2022 and January, Bitcoin fell below $20k.</li>
<li>According to the Difficulty regression model (The all-in cost to mine 1 Bitcoin), it was an unprofitable time for miners.</li>
<li>Miners were distributing coins in excess of the mined supply, with Values &gt; 100%, and depleting treasury reserves.</li>
<li>Now, the miner supply spent indicates value = 100%; in the aggregate, a volume of coins equal to the total mined supply was spent. This is supported by the miner balance which is flat year-to-date.</li>
<li>In Tuur Demeester&#8217;s <a href="https://twitter.com/TuurDemeester/status/1650881929535684617?s=20">latest report</a>, CryptoSlate agrees that miner capitulation was last year, and miners are much stronger from a debt position point of view (See extract below).</li>
</ul>
<figure id="attachment_321044" aria-describedby="caption-attachment-321044" style="width: 1259px" class="wp-caption aligncenter"><img class="wp-image-321044 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/04/Supply-1.png" alt="Difficulty Regression Model: (Source: Glassnode)" width="1259" height="701" srcset="https://cryptoslate.com/wp-content/uploads/2023/04/Supply-1.png 1259w, https://cryptoslate.com/wp-content/uploads/2023/04/Supply-1-300x167.png 300w, https://cryptoslate.com/wp-content/uploads/2023/04/Supply-1-1024x570.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/04/Supply-1-768x428.png 768w" sizes="(max-width: 1259px) 100vw, 1259px" /><figcaption id="caption-attachment-321044" class="wp-caption-text">Difficulty Regression Model: (Source: Glassnode)</figcaption></figure>
<figure id="attachment_321045" aria-describedby="caption-attachment-321045" style="width: 627px" class="wp-caption aligncenter"><img class="wp-image-321045 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/04/supply-2.png" alt="Tuur Demeester's: (Source: Adamant)" width="627" height="146" srcset="https://cryptoslate.com/wp-content/uploads/2023/04/supply-2.png 627w, https://cryptoslate.com/wp-content/uploads/2023/04/supply-2-300x70.png 300w" sizes="(max-width: 627px) 100vw, 627px" /><figcaption id="caption-attachment-321045" class="wp-caption-text">Tuur Demeester&#8217;s: (Source: Adamant)</figcaption></figure>
<figure id="attachment_321046" aria-describedby="caption-attachment-321046" style="width: 1259px" class="wp-caption aligncenter"><img class="wp-image-321046 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/04/supply-3.png" alt="Miner Wallet: (Source: Glassnode)" width="1259" height="700" srcset="https://cryptoslate.com/wp-content/uploads/2023/04/supply-3.png 1259w, https://cryptoslate.com/wp-content/uploads/2023/04/supply-3-300x167.png 300w, https://cryptoslate.com/wp-content/uploads/2023/04/supply-3-1024x569.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/04/supply-3-768x427.png 768w" sizes="(max-width: 1259px) 100vw, 1259px" /><figcaption id="caption-attachment-321046" class="wp-caption-text">Miner Wallet: (Source: Glassnode)</figcaption></figure>
<figure id="attachment_321047" aria-describedby="caption-attachment-321047" style="width: 1261px" class="wp-caption aligncenter"><img class="wp-image-321047 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/04/Supply.png" alt="Miner Wallet Spent: (Source: Glassnode)" width="1261" height="707" srcset="https://cryptoslate.com/wp-content/uploads/2023/04/Supply.png 1261w, https://cryptoslate.com/wp-content/uploads/2023/04/Supply-300x168.png 300w, https://cryptoslate.com/wp-content/uploads/2023/04/Supply-1024x574.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/04/Supply-768x431.png 768w" sizes="(max-width: 1261px) 100vw, 1261px" /><figcaption id="caption-attachment-321047" class="wp-caption-text">Miner Wallet Spent: (Source: Glassnode)</figcaption></figure>
The post <a rel="nofollow" href="https://cryptoslate.com/insights/why-the-bitcoin-miner-capitulation-was-in-2022/">Why the Bitcoin miner capitulation was in 2022</a> appeared first on <a rel="nofollow" href="https://cryptoslate.com">CryptoSlate</a>.

Why the Bitcoin miner capitulation was in 2022

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