Bitcoin

when

Daily

<p>The misfortune of bitcoin miners after the halving is only getting worse. The halving of rewards threatens to seriously destabilize their finances. Indeed, miners’ daily revenues have plummeted dramatically, leaving many of them in a precarious situation. This could well trigger a massive capitulation, often a sign of major changes in the crypto ecosystem.</p>
<h2 id="h-the-halving-and-its-consequences-for-bitcoin-miners">The Halving and Its Consequences for Bitcoin Miners</h2>
<p>The recent halving of mining rewards, known as the halving, has plunged bitcoin miners into <strong>a financial abyss</strong>. Miners’ <strong>revenues have decreased by 63%</strong> since this event, dropping from $79 million per day to <strong>only $29 million</strong>.</p>
<div class="my-4">
 <div class="ads " data-page-type="" data-location="1">
 </div>
</div>
<p>Noting that the fact that <a href="https://www.cointribune.com/en/bitcoin-in-danger-this-critical-level-could-change-everything/" target="_blank" rel="noopener noreferrer nofollow">BTC flirted with $57,800 this morning</a> would not help these actors.</p> 
<div class="tradingview-widget-container tradingview--mini-chart">
 <div class="tradingview-widget-container__widget"></div>
 <div class="tradingview--mini-chart--dark">
  <script type="text/javascript" src="https://s3.tradingview.com/external-embedding/embed-widget-mini-symbol-overview.js" async>{"symbol":"BINANCE:BTCUSD","width":350,"height":220,"isTransparent":false,"autosize":false,"dateRange":"12M","trendLineColor":"rgba(253,64,19,1)","underLineColor":"rgba(253,64,19,0.6)","underLineBottomColor":"rgba(253,64,19,0)","locale":"en","largeChartUrl":false,"colorTheme":"dark"}</script>
 </div>
 <div class="tradingview--mini-chart--light">
  <script type="text/javascript" src="https://s3.tradingview.com/external-embedding/embed-widget-mini-symbol-overview.js" async>{"symbol":"BINANCE:BTCUSD","width":350,"height":220,"isTransparent":false,"autosize":false,"dateRange":"12M","trendLineColor":"rgba(253,64,19,1)","underLineColor":"rgba(253,64,19,0.6)","underLineBottomColor":"rgba(253,64,19,0)","locale":"en","largeChartUrl":false,"colorTheme":"light"}</script>
 </div>
 <div class="tradingview-widget-copyright"><a href="https://fr.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" rel="noopener noreferrer nofollow" target="_blank"><span class="text-primary-color">BTCUSD chart</span></a> by TradingView
 </div>
</div> 
<p>For many, this means <strong>turning off their machines</strong>, unable to cover operational costs with such reduced revenues.</p>
<p>This disastrous situation is eerily reminiscent of late 2022, when the market hit its lowest point after the collapse of FTX.</p>
<p><a href="https://cryptoquant.com/analytics/dashboard" target="_blank" rel="noopener noreferrer nofollow">CryptoQuant</a>, a blockchain analytics platform, has observed <strong>numerous indicators of miner capitulation</strong>. One of the most striking is the <strong>7.7% drop in the hash rate</strong> since the halving, a decrease that illustrates the increasing difficulty for miners to maintain their activity.</p>
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img decoding="async" src="https://www.coindesk.com/resizer/LMoluR9WMvisAKq5bpU4WVqhge0=/1056x580/filters:quality(80):format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/BVME5L2NJFAWBLHGKVNLVEWDYI.png" alt="hash-rate-drop-bitcoin">
  <figcaption class="wp-element-caption">
   Decrease in Bitcoin Network Hash Rate – Source: CryptoQuant
  </figcaption>
 </figure>
</div>
<p>The <a href="https://www.cointribune.com/en/bitcoin-drop-in-hash-rate-the-phantom-threat-weighing-on-its-price/" target="_blank" rel="noopener noreferrer nofollow">drop in the hash rate</a>, which measures the <strong>total computing power of the Bitcoin network</strong>, has historically been associated with bearish market conditions.</p>
<p>This suggests <strong>even more difficult times</strong> ahead for miners, but also <strong>potential opportunities</strong> for investors looking for favorable entry points.</p>
<h2 id="h-the-early-signs-of-miner-capitulation">The Early Signs of Miner Capitulation</h2>
<p>The capitulation of bitcoin miners is often seen as <strong>a buy signal by savvy investors</strong>. Indeed, when miners are forced to sell their BTC to cover their costs, it creates <strong>downward pressure on the price of bitcoin</strong>.</p>
<p>However, this movement can also signal that <strong>the market is reaching its lowest point</strong>, paving <a href="https://www.cointribune.com/en/bitcoin-miners-running-out-of-steam-price-increase-ahead/" target="_blank" rel="noopener noreferrer nofollow">the way for a potential recovery</a>.</p>
<div class="my-4">
 <div class="ads " data-page-type="" data-location="2">
 </div>
</div>
<div class="affiliate-button"><a class="affiliate-button__link" href="https://accounts.binance.com/en/register?ref=35547494" target="_blank" rel="noopener noreferrer nofollow">Buy cryptos with Binance</a> <a class="affiliate-button__disclaimer" href="https://www.cointribune.com/en/sponsored-content/" target="_blank" rel="noopener noreferrer nofollow">This link uses an affiliate program.</a>
</div>
<p>Data from CryptoQuant show that miners are selling their bitcoin reserves at an accelerated rate. Daily BTC outflows from miners’ wallets have reached their highest level since May, indicating <strong>a massive sell-off</strong>.</p>
<p>This phenomenon could be interpreted as a sign that miners, desperate over the decline in their revenues, prefer to <strong>liquidate their assets rather than continue operating at a loss</strong>.</p>
<p>The <strong>“hash price”</strong>, a measure of miners’ profitability per unit of computing power, has also dropped to historically low levels. Currently, the <strong>average revenue per hash is $0.049 per EH/s</strong>, just above its all-time low of $0.045.</p>
<div class="affiliate-button"><a class="affiliate-button__link" href="https://bitvavo.com/fr/affiliate/coinmedia?a=_cta" target="_blank" rel="noopener noreferrer nofollow">€20 bonus for registering on Bitvavo</a> <a class="affiliate-button__disclaimer" href="https://www.cointribune.com/en/sponsored-content/" target="_blank" rel="noopener noreferrer nofollow">This link uses an affiliate program.</a>
</div>
<p>This decrease in profitability exacerbates the miners’ situation, forcing them to cease operations and <a href="https://www.cointribune.com/en/crypto-market-in-turmoil-heavy-hand-of-bitcoin-miners/" target="_blank" rel="noopener noreferrer nofollow">sell their bitcoins</a>, further fueling the downward spiral.</p>
<p>As miners capitulate, bitcoin might find a new bottom before bouncing back. Patience and strategic analysis will be key to navigating this tumultuous period.</p>

Bitcoin: Miners’ Surrender – Potential Price Floor or Rebound?

目次

Cointribune EN

2024年7月5日公開の他の記事

Russia Embraces Cryptocurrency for Global Trade Amid Sanctions

Bitcoin Bulls Yield: $257 Million Crypto Longs Rekt As BTC Crashes Under $58,000

Core Scientific Founder Encourages Bitcoin Community to See Price Drop as Opportunity

Failed to make profits in Crypto bull run? Here’s the solution

The Limelight Continues To Shine On Raboo As Avalanche And Solana Investors Take Notice!

Web3 Prediction Market “SoccerSage” Launches on Saakuru Verse

ニュースレターを購読して暗号資産の最新情報を毎日入手！