Bitcoin miners are facing a "capitulation" phase as their profitability declines amid a sell-off in the market. Market analysis firm CryptoQuant stated that metrics measuring miner surrender are approaching market lows following the FTX crash in late 2022. This indicates that a potential bottom is near for Bitcoin.
Miner capitulation occurs when miners are forced to reduce their operations or sell some of the Bitcoin they have obtained from mining and their reserves to continue their operations, generate returns, or reduce risks. Last month, CryptoQuant analysts detected several signs of capitulation as the Bitcoin price dropped 13% from $68,791 to $59,603.
The decline in Bitcoin hash rate is one of the important indicators of capitulation and represents the total computing power securing the Bitcoin network. The hash rate dropped 7.7% to 576 EH/s, a four-month low, after reaching a record high on April 27. This decline is similar to conditions after the FTX crash in December 2022 and points to a potential market bottom.
The CryptoQuant report highlights the challenges miners have faced since the Bitcoin halving. It is stated that in this process, miners faced significantly decreasing revenues, and both block rewards and transaction fee revenues of Bitcoin decreased. Daily miner revenues dropped from $79 million to $29 million on March 6. Additionally, the fact that revenue from transaction fees constitutes only 3.2% of total daily revenues is another factor affecting the profitability of miners.
As a result, Bitcoin miners have been forced to use their reserves to generate additional returns. According to data from CryptoQuant, daily miner outputs have increased and reached the highest volume since May 21. This situation shows that miners may have sold their BTC reserves. Continued selling by miners, combined with selling by Bitcoin whales and national governments, has contributed to recent declines in the price of Bitcoin. Bitcoin was affected by this decline, falling to a four-month low of $53,499 on July 5.
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