The capitulation of Bitcoin miners has reached levels comparable to December 2022, with a drop of 7.6%, according to cryptanalyst Julio Moreno.
The capitulation of Bitcoin miners has reached levels comparable to December 2022, with a drop of 7.6%, according to the cryptanalyst Julio Moreno.
Bitcoin’s hash rate has hit an all-time high as miners struggle with rising costs. According to IntoTheBlock, Bitcoin miners have sold over 30,000 BTC ($2 billion) in June.
This sell-off is largely attributed to the April halving event, which cut block rewards in half. These events typically lead to miner capitulation, where mining becomes unprofitable, forcing them to liquidate their Bitcoin holdings to cover expenses.
Bitcoin’s hash rate has decreased by approximately 15% over the last month, reflecting the overall computational power that miners bring to the network.
Vladislav SopovHash rate represents the number of calculations (hashes) performed per second to validate and secure transactions. Hashing involves generating a random alphanumeric code and attempting to guess it, or something very similar.
Hash rate is a critical metric for measuring the security level of the Bitcoin network and the mining difficulty faced by miners to earn block rewards. A decrease in hash rate suggests reduced network security and increased challenges for miners, which impacts the overall health of the Bitcoin ecosystem.
