Recent Bitcoin miner capitulation may signal bottom is near: VanEck
Recent Bitcoin miner capitulation, indicated by a 4% drop in hashrate since mid-December, may signal a market bottom, according to VanEck analysts. Historically, such declines have preceded positive 90-day returns 65% of the time and even stronger 180-day gains averaging 72%. The current downturn, partly driven by China shutting down 1.3 gigawatts of mining capacity, has pushed breakeven electricity costs for popular miners down 36% to $0.077/kWh. Despite challenges, around 13 nations—including Russia, France, and Japan—continue supporting Bitcoin mining. Bitcoin trades at $88,400, down nearly 30% from its October all-time high.
cointelegraph12/23 00:34
