Odaily Planet Daily News CryptoQuant report believes that the BTC miner surrender indicator is close to the market bottom level after the FTX crash in 2022, which may indicate the bottom of the BTC market. Miner capitulation refers to some miners reducing operations or selling mined BTC to make ends meet or hedge risks. The price of BTC fell from $68,791 to $59,603 over the past month, with multiple signs of capitulation emerging during the period. One sign of this is the significant decline in BTC hashrate, which dropped 7.7% to a four-month low of 576 EH/s. CryptoQuant analysts pointed out that this is similar to what happened in late 2022 when BTC prices bottomed at $15,500, when BTC rose by more than 300% in the next 15 months. In addition, since the halving, miners' income has dropped significantly, with daily income reduced by 63%, from US$79 million on March 6 to the current US$29 million, and transaction fee income proportion dropped to 3.2%, as of April 8 lowest since. Miners were forced to dip into their reserves to generate revenue, with average daily miner outflows reaching their highest level since May 21, suggesting they may be selling BTC reserves. A combination of selling by miners, whales, and multiple governments caused BTC prices to retreat, falling to a four-month low of $53,499 on July 5. BTC hash price (miner profitability per unit of computing power) currently stands at $0.049 per EH/s, close to the all-time low of $0.045 on May 1. Financial services firm Cantor Fitzgerald earlier reported that some of the world’s largest mining companies would be forced to capitulate if the BTC market price fell to $40,000, highlighting the plight of the mining industry. (Cointelegraph)
