{"id":14947,"date":"2024-07-04T10:53:25","date_gmt":"2024-07-04T07:53:25","guid":{"rendered":"https:\/\/forklog.com\/en\/cryptoquant-reports-bitcoin-miners-capitulation\/"},"modified":"2024-07-04T10:53:25","modified_gmt":"2024-07-04T07:53:25","slug":"cryptoquant-reports-bitcoin-miners-capitulation","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/cryptoquant-reports-bitcoin-miners-capitulation\/","title":{"rendered":"CryptoQuant Reports Bitcoin Miners’ Capitulation"},"content":{"rendered":"

Bitcoin miners have begun shutting down inefficient equipment and selling reserves, indicating signs of capitulation, according to a report<\/a> by CryptoQuant.<\/p>\n

Experts noted that such periods are historically associated with price lows.<\/p>\n

They highlighted that daily miner revenue has decreased from $79 million on March 6 to $29 million currently. The share of fees in revenue has fallen to 3.2%, the lowest since April 8. Prior to the halving<\/a>, the hype around Ordinals and Runes<\/a> brought cryptocurrency miners “tens of millions” of dollars.<\/p>\n

\"CryptoQuant
Daily miner revenue. Data: CryptoQuant.<\/figcaption><\/figure>\n

The network’s hash rate has declined by 7.7% following the block reward halving in April<\/a>. This is the largest drop since December 2022, when the market bottomed after the FTX collapse.<\/p>\n

\"CryptoQuant
Actual decline in Bitcoin hash rate. Data: CryptoQuant.<\/figcaption><\/figure>\n

According to CryptoQuant, daily outflows from miners’ wallets have reached their highest levels since May 21, indicating probable sales, experts believe.<\/p>\n

\n

“In reality, some large mining companies have started using their reserves to generate profits and hedge risks,” analysts stated.<\/p>\n<\/blockquote>\n

\"CryptoQuant
Bitcoin miners’ reserves. Data: CryptoQuant.<\/figcaption><\/figure>\n

In late April, CryptoQuant’s founder and CEO Ki Young Ju found no signs<\/a> of miner capitulation. A similar view was expressed in June by Glassnode analyst James Check, although he acknowledged significant issues facing cryptocurrency miners.<\/p>\n

Conversely, on-chain analyst Ali Martinez and Hash Ribbons indicator creator and Capriole Investments founder Charles Edwards reached the opposite conclusion.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin miners have begun shutting down inefficient equipment and selling reserves, indicating signs of capitulation, according to a report by CryptoQuant. Experts noted that such periods are historically associated with price lows. They highlighted that daily miner revenue has decreased from $79 million on March 6 to $29 million currently. The share of fees in […]<\/p>\n","protected":false},"author":1,"featured_media":14946,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1137,1205],"class_list":["post-14947","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrency-mining","tag-cryptoquant"],"aioseo_notices":[],"amp_enabled":true,"views":"20","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/14947","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=14947"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/14947\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/14946"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=14947"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=14947"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=14947"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}