Bitcoin Drops to $65,700, Miners’ Capitulation Ends

Bitcoin is currently trading at $65,700, having slightly declined from its peak of $68,400 on July 22. On-chain data indicates that Bitcoin mining revenue has nearly reached the annual average, suggesting that miners' capitulation may soon come to an end.

Bitcoin miners’ revenue is approaching the 365-day SMA

In a recent post on X, analyst James Van Straten explored the current state of Bitcoin miners. There are several ways to assess miners’ situations, with hashrate being the most common. Hashrate measures the total computational power connected to the Bitcoin network.

However, the analyst focused on the total daily revenue of these network validators. Miners’ revenue comprises two main components: block subsidies and transaction fees.

Total Miner revenue is roughly $35M, and the 365(SMA) is roughly $40M.

This is another way to show the miner capitulation is almost over, once it reclaims the 365SMA and #Bitcoin can continue to trend higher. pic.twitter.com/slTiLoz670

— James Van Straten (@jvs_btc) July 22, 2024

The block subsidy refers to the BTC rewards miners receive as compensation for solving blocks on the network, while Bitcoin_Coneference_2024 #BinanceTurns7

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