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

The Bitcoin miner capitulation following the Bitcoin halving occasion in April stays essentially the most watched occasion. As per the on-chain knowledge, the Bitcoin hash value has touched its all-time low as a number of miners reportedly turned off rigs since they couldn’t deal with the rising prices and dropping rewards.

Bitcoin Hash Value At All-time Low

In a current replace, CryptoQuant CEO Ki Younger Ju talked about that the Bitcoin hash value has reached an all-time low. This has led a number of mining firms to decelerate their investments in mining rigs. Thus, as a hedge in opposition to the present bitcoin market uncertainty, miners have began in search of different Proof-of-Work (PoW) cryptocurrencies.

#Bitcoin hash value hit an all-time low. Many mining firms slowed mining rig investments, with some switching to different PoW cash to hedge in opposition to market uncertainty. https://t.co/fwTGWRzcz6 pic.twitter.com/j7qbAvXvXq

— Ki Younger Ju (@ki_young_ju) June 28, 2024

As reported by CoinGape, prime market gamers like Marathon Digital have already began to pivot by mining PoW currencies like Kaspa.

Ju additional added that the present shift by the miners doesn’t sign the tip of the present cycle. He additional said that Bitcoin mining firms aren’t long-term bearish about Bitcoin, nonetheless, they’re simply hedging and ready for the buy-side liquidity to get better.

It is going to be attention-grabbing to see how lengthy will the BTC miners proceed to capitulate. As per QCP Capital, $58,000-$60,000 has proved to be a strong help degree for Bitcoin all through the second quarter. Nevertheless, the market continues to face additional promoting stress from the promoting by governments in addition to Mt. Gox’s Bitcoin release.

Additionally learn: Bitcoin Sale By US and Germany Governments Is No Cause of Concern

QCP Capital believes that Bitcoin value will see additional draw back to $50,000 the place it finds robust help. At this value level, there could possibly be rising curiosity from conventional monetary establishments.

Miner Capitulation at 18-Month Low

CryptoQuant has noticed that Bitcoin miners are presently experiencing a big decline in profitability, much like the extreme downturn witnessed in December 2022. Throughout that interval, miners confronted a 7.6% drawdown of their earnings, coinciding with the bottom level of the market cycle after the FTX collapse.

#Bitcoin miner capitulation has reached ranges akin to December 2022: 7.6% drawdown.

December 2022 marked the cycle backside after the FTX colapse. pic.twitter.com/8A3p2XDvXW

— Julio Moreno (@jjcmoreno) June 28, 2024

Additionally Learn: Bitcoin Miner CleanSpark to Acquire GRIID for $155M

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Bhushan is a FinTech fanatic and holds a superb aptitude in understanding monetary markets. His curiosity in economics and finance draw his consideration in direction of the brand new rising Blockchain Know-how and Cryptocurrency markets. He’s repeatedly in a studying course of and retains himself motivated by sharing his acquired information. In free time he reads thriller fictions novels and generally discover his culinary expertise.

The introduced content material could embody the private opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any duty to your private monetary loss.