CryptoQuant CEO Ki Young Ji mentioned that Bitcoin miners haven’t shown any signs of surrender, even as their mining revenues decreased after the halving.
Bitcoin miners’ earnings hit their lowest point in 14 months following April’s halving, yet they haven’t shown any indication of “capitulation.”
In an April 30 post on X, CryptoQuant CEO Ki Young Ju stated that miners, after seeing their revenue fall to post-halving levels, have two choices: capitulate or wait for a rise in Bitcoin’s price to cover their costs.
“Now they have two options: 1. Capitulation, or 2. Waiting for a rise in BTC price.”
Ju used the 365-day Puell Multiple chart, which measures the selling pressure from Bitcoin miners, to point out that miners “for now” are not exhibiting signs of capitulation.
Ju’s analysis responded to a recent drop in crypto prices, which sparked concerns about miner capitulation.
Bitcoin miner revenue surged immediately after the halving because collectors of rare satoshis and Runes Protocol fans paid high fees to secure space in the first blocks mined after the halving on April 20.
However, interest in these unique Bitcoin-based assets has declined in recent weeks, pulled down by a general slowdown in price activity across the crypto market.
“Miners had a brief reprieve following the halving as bitcoin’s price rose, but their profits are now being seriously crunched post-halving now that the spot BTC price is moving against them,” said market research provider The Bitcoin Layer in an April 30 post on X.
“Miner capitulation risk is on the rise, with profits as squeezed as they are. If bitcoin’s price continues correcting downward over the next few days and it stretches into a weeks-long spell, big miners are at risk of having to liquidate a bunch of bitcoin to hedge themselves,” the firm added.
Bitcoin’s hash price—the expected earnings from one terahash of hashing power per day—has fallen to a record low of $46.55, a 74% drop from its peak after the halving, according to Hashrate Index.
Bitcoin’s price is currently $60,400, showing an 18% drop from its all-time high of $73,700 on March 14, as per TradingView data.
Similarly, Ether, the second-largest cryptocurrency, has fallen 26% from its annual high of $4,070, which it reached on March 12.
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