Miners are increasing network power despite the recent Bitcoin price drop, signaling positive sentiment after the capitulation that typically marks price lows.

- There was a significant miner capitulation on August 5th with 19,000 BTC mined, the most since March 18th.

- The network hashrate hit a new record of 627 exahashes per second.

- This comes amid falling Bitcoin prices and record low mining profitability.

- The average miner operating profit has fallen to 25%, the lowest since January 2022.

- BTC is trading above $61,000, up 2.8% in the last 24 hours.