BlockBeats news, August 14, despite the recent drop in Bitcoin prices, miners are still increasing their network hash rate, indicating positive sentiment after the capitulation event that usually marks the bottom of the price.
Miners capitulated in large numbers as Bitcoin outflows surged to 19,000 BTC on August 5, the highest level since March 18. Bitcoin’s price hit $49,000 at this time, indicating that miners were selling assets to cover costs as profit margins tightened.
CryptoQuant says Bitcoin miners are expanding their capacity again as the network hash rate hit a new all-time high this week following the capitulation event. On Tuesday, the network hash rate hit a new record of 627 exahash per second, recovering from an 8.5% drop in early July. This suggests that miners’ sentiment has turned positive after the sell-offs of the past few months.
