Since the halving on April 19, signs of miner capitulation have emerged as miners may shut down underperforming equipment and begin selling bitcoin to hedge risks.

For most of April, miners have been paid “extremely low”. Total daily revenue for miners has fallen from $79 million on March 6 to $29 million currently. While the hype about Ordinals and the new Runes protocol initially brought tens of millions of dollars in fees to the network, transaction fee revenue has fallen to just 3.2% of total daily revenue, the lowest share since April 8.

So, not only have miners surrendered, but now retail investors have also surrendered in this stupid bull market. Then the question is, which dog dealer is making a lot of money? Needless to say, one of them must be the SBs in Mentougou.

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