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<p>The capitulation of Bitcoin miners, a phenomenon where miners cease their activities due to non-profitability, appears to be coming to an end. This development could have significant implications for the price of Bitcoin, according to a recent report.</p> 
<h2 id="h-bitcoin-the-end-of-capitulation-announces-a-bullish-rally">Bitcoin: the end of capitulation announces a bullish rally?</h2> 
<p>The capitulation of miners usually occurs when operating costs exceed the revenue generated by <a href="https://www.cointribune.com/en/russia-vladimir-putin-says-stop-to-bitcoin-mining/" target="_blank" rel="noreferrer noopener">BTC mining</a>. This leads miners to sell their bitcoin reserves to cover their costs, creating downward pressure on the crypto’s price. However, this phase of capitulation is often seen as a market bottom signal, indicating that the price of bitcoin might soon rebound.</p>
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<p>In 2024, Bitcoin miners were particularly affected by the halving, which reduced their daily revenue from $79 million to $29 million. This dramatic drop in revenue forced many miners to shut down their equipment, resulting in a 7.7% decrease in hashrate, the total computing power of the Bitcoin network.</p> 
<p>However, recent signs indicate that miner capitulation may be almost over. Daily miner revenue recently increased to $35 million, approaching the annual average of $40 million. If this trend continues, it could indicate market stabilization and a possible bitcoin price recovery.</p> 
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<h2 id="h-will-history-repeat-itself">Will history repeat itself?</h2> 
<p>Analysts point out that this miner capitulation is comparable to that observed at the end of 2022, following the collapse of FTX, which marked the market bottom at that time. This similarity suggests that the Bitcoin market may be about to hit a new bottom, paving the way for a potential recovery.</p> 
<p>While the capitulation of Bitcoin miners could create downward pressure on the crypto’s price, it could also signal a turning point. With signs of stabilization in miner revenues and a decrease in selling pressure, the price of Bitcoin could soon see a recovery. <a href="https://www.cointribune.com/en/crypto-the-rebirth-of-borpa-on-solana-attracts-investors/" target="_blank" rel="noreferrer noopener">Investors</a> and market observers will closely monitor these developments to assess the next steps in the Bitcoin market.</p>

Bitcoin: Miner Capitulation Ending, Strong Rally Ahead!

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Cointribune EN

2024년 7월 24일에 게재된 다른 기사

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