According to Odaily, EMC Labs reported on July 29 that the market downturn for Bitcoin miners has concluded. Since late April, Bitcoin's price fell below $66,000, reaching a low of $53,000. This decline forced miners into passive liquidation as Bitcoin's value dropped below the shutdown price for mining operations, resulting in a 33% decrease in Bitcoin's hash rate. However, after three consecutive weeks of price increases, miners have surpassed the shutdown price, ending their sell-off and achieving a net accumulation of 7,000 Bitcoins last week.

Simultaneously, on July 20, Bitcoin's network hash rate reached a historic high of 724 EH/s, with the seven-day average hash rate nearing its all-time peak. EMC Labs believes that the recovery in hash rate signifies miners' strong confidence in the future market, providing substantial support for Bitcoin to potentially reach new historical highs.