2024

Bitcoin

April

<p>The <a href="https://coingape.com/bitcoin-miner-capitulation-ended-on-chain-data-signals-market-recovery/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin miner capitulation</a> following the Bitcoin halving event in April remains the most watched event. As per the on-chain data, the Bitcoin hash price has touched its all-time low as several miners reportedly turned off rigs since they couldn’t cope with the rising costs and dropping rewards.</p>
<h3 id="bitcoin-hash-price-at-all-time-low">Bitcoin Hash Price At All-time Low</h3>
<p>In a recent update, CryptoQuant CEO Ki Young Ju mentioned that the Bitcoin hash price has reached an all-time low. This has led several mining companies to slow down their investments in mining rigs. Thus, as a hedge against the current bitcoin market uncertainty, miners have started looking for other Proof-of-Work (PoW) cryptocurrencies.</p>
<blockquote class="twitter-tweet">
 <p dir="ltr" lang="en"><a rel="noopener noreferrer nofollow" href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> hash price hit an all-time low. Many mining companies slowed mining rig investments, with some switching to other PoW coins to hedge against market uncertainty. <a rel="noopener noreferrer nofollow" href="https://t.co/fwTGWRzcz6">https://t.co/fwTGWRzcz6</a> <a rel="noopener noreferrer nofollow" href="https://t.co/j7qbAvXvXq">pic.twitter.com/j7qbAvXvXq</a></p>
 <p>— Ki Young Ju (@ki_young_ju) <a rel="noopener noreferrer nofollow" href="https://twitter.com/ki_young_ju/status/1806788571111833774?ref_src=twsrc%5Etfw">June 28, 2024</a></p>
</blockquote>
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<p>As reported by CoinGape, top market players like <a href="https://coingape.com/kaspa-price-jumps-13-as-bitcoin-mining-giant-marathon-digital-mining-the-altcoin/" target="_blank" rel="noopener noreferrer nofollow">Marathon Digital</a> have already started to pivot by mining PoW currencies like Kaspa.</p>
<p>Ju further added that the current shift by the miners doesn’t signal the end of the current cycle. He further stated that Bitcoin mining companies aren’t long-term bearish about <a href="https://coingape.com/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a>, however, they are just hedging and waiting for the buy-side liquidity to recover.</p>
<p>It will be interesting to see how long will the BTC miners continue to capitulate. As per QCP Capital, $58,000-$60,000 has proved to be a robust support level for Bitcoin throughout the second quarter. However, the market continues to face further selling pressure from the selling by governments as well as <a href="https://coingape.com/breaking-mt-gox-to-start-repaying-creditors-in-bitcoin-and-bch-next-week/" target="_blank" rel="noopener noreferrer nofollow">Mt. Gox’s Bitcoin release</a>.</p>
<p>Also read: <a href="https://coingape.com/governments-selling-bitcoin-is-nothing-but-plain-fud-heres-why/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin Sale By US and Germany Governments Is No Cause of Concern</a></p>
<p>QCP Capital believes that Bitcoin price will see further downside to $50,000 where it finds strong support. At this price point, there could be growing interest from traditional financial institutions.</p>
<h3 id="miner-capitulation-at-18-month-low">Miner Capitulation at 18-Month Low</h3>
<p>CryptoQuant has observed that Bitcoin miners are currently experiencing a significant decline in profitability, similar to the severe downturn witnessed in December 2022. During that period, miners faced a 7.6% drawdown in their earnings, coinciding with the lowest point of the market cycle after the FTX collapse.</p>
<blockquote class="twitter-tweet">
 <p dir="ltr" lang="en"><a rel="noopener noreferrer nofollow" href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> miner capitulation has reached levels comparable to December 2022: 7.6% drawdown.</p>
 <p>December 2022 marked the cycle bottom after the FTX colapse. <a rel="noopener noreferrer nofollow" href="https://t.co/8A3p2XDvXW">pic.twitter.com/8A3p2XDvXW</a></p>
 <p>— Julio Moreno (@jjcmoreno) <a rel="noopener noreferrer nofollow" href="https://twitter.com/jjcmoreno/status/1806824995865198722?ref_src=twsrc%5Etfw">June 28, 2024</a></p>
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<p>Also Read: <a href="https://coingape.com/bitcoin-miner-cleanspark-to-acquire-griid-for-155m/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin Miner CleanSpark to Acquire GRIID for $155M</a></p>
<p>The post <a href="https://coingape.com/bitcoin-hash-price-hits-all-time-low-whats-next-for-btc-price/" rel="noopener noreferrer nofollow">Bitcoin Hash Price Hits All-Time Low, What’s Next for BTC Price?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.</p>

Bitcoin Hash Price Hits All-Time Low, What’s Next for BTC Price?

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Coingape News Media

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