Bitcoin Miners Stand Firm Despite Plummeting Revenue Post-Halving
Bitcoin miners, facing a revenue decline post-halving, show resilience amid market pressures, defying predictions of capitulation, according to CryptoQuant CEO Ki Young Ji analysis.
Despite Bitcoin miner revenue hitting 14-month lows following the halving, there are no signs of capitulation among miners, asserts CryptoQuant CEO Ki Young Ji. With revenue dwindling and options narrowing, miners must choose between capitulation or awaiting a potential BTC price surge to cover costs.
Ju evaluation relies on the 365-day Puell Multiple chart, indicating the level of sell pressure from miners. This metric suggests that miners are holding their ground, at least for now, resisting the pressure to capitulate.
Online advertising service 1lx.online
The recent dip in crypto prices has sparked concerns about potential miner capitulation. Although miner revenue initially surged post-halving, fueled by high demand for freshly mined blocks, this trend has reversed amid a broader market downturn.
While Bitcoin hashprice has hit an all-time low, down 74% from its post-halving peak, miners continue to navigate challenges. Bitcoin current price sits at $60,400, down 18% from its all-time high in March, echoing similar trends in the broader crypto market, including Ether (ETH), which is down 26% from its yearly peak.
Our creator. creates amazing NFT collections!
Support the editors - Bitcoin_Man (ETH) / Bitcoin_Man (TON)
Pi Network (Guide)is a new digital currency developed by Stanford PhDs with over 55 million participants worldwide. To get your Pi, follow this link https://minepi.com/Tsybko and use my username (Tsybko) as the invite code.
Binance: Use this link to sign up and get $100 free and 10% off your first months Binance Futures fees (Terms and Conditions).
Bitget: Use this link Use the Rewards Center and win up to 5027 USDT!(Review)
Bybit: Use this link (all possible discounts on commissions and bonuses up to $30,030 included) If you register through the application, then at the time of registration simply enter in the reference: WB8XZ4 - (manual)
