Analysis Crypto by Thebittimes.Com

Bitcoin (BTC) miners continue to capitulate as the network’s hashrate faces its worst downtrend since 2022. The activity started giving signs of capitulation in the past few months, a situation that looms over the cryptocurrency‘s security. As reported by Finbold on June 14, Bitcoin miners have signaled capitulation with a two-year low of their BTC reserves. The report also highlighted how the average production cost has been higher than the resulting revenue, with companies operating underwater. Now, the network hashrate data, which indicates the activity’s production rate, continues to downtrend in a worrying pattern. In particular, data from mempool.space shows a sequence of two lower highs after April 27’s peak of 639 EH/s. Picks for you How much is Missouri senator Eric Schmitt worth; Eric Schmitt's net ...

Bitcoin (BTC) mining is a highly competitive and high-cost business activity directly reliant on the leading cryptocurrency price action. Miners can often see themselves operating underwater amid extended bearish or consolidation periods, forcing some to capitulate from mining. In particular, data retrieved from MacroMicro indicates this is happening right now, with an average cost of $83,668 per mined Bitcoin. Furthermore, two CryptoQuant researchers identified two signs of capitulation from Bitcoin miner s this week, suggesting a non-favorable scenario. Picks for you If you invested $1,000 in gold and Bitcoin after economist declared ‘crypto extinction’, you’d have this much 1 second ago Bernstein analysts predict Bitcoin to hit $1...