{"id":82992,"date":"2024-06-29T03:33:24","date_gmt":"2024-06-29T07:33:24","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=82992"},"modified":"2024-06-29T03:34:31","modified_gmt":"2024-06-29T07:34:31","slug":"bitcoin-hash-price-falls-to-record-low-whats-next","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/bitcoin-hash-price-falls-to-record-low-whats-next\/","title":{"rendered":"Bitcoin Hash Price Falls to Record Low, What’s Next?"},"content":{"rendered":"\n

With Bitcoin hash price at an all-time low, miner capitulation<\/a> reflects December 2022's profitability fall. BTC may lose the\u00a0$60,000 support.<\/p>\n\n\n\n

\"Bitcoin<\/figure>\n\n\n\n

Following the Bitcoin halving event in April, the Bitcoin miner capitulation remains the most closely watched event.<\/p>\n\n\n\n

Based on the on-chain data, the Bitcoin hash price has reached its all-time low as several miners have reportedly shut off their rigs due to the increasing costs and decreasing rewards.<\/p>\n\n\n\n

Bitcoin Hash Price At All-time Low<\/h2>\n\n\n\n

CryptoQuant CEO Ki Young Ju recently disclosed that the Bitcoin hash price has reached an all-time low in a recent update.<\/p>\n\n\n\n

This has caused numerous mining companies to reduce their investments in mining rigs.<\/p>\n\n\n\n

Consequently, miners have initiated the search for alternative Proof-of-Work (PoW) cryptocurrencies as a precautionary measure against the current uncertainty in the bitcoin market.<\/p>\n\n\n\n

\n

#Bitcoin\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> hash price hit an all-time low. Many mining companies slowed mining rig investments, with some switching to other PoW coins to hedge against market uncertainty. https:\/\/t.co\/fwTGWRzcz6<\/use><\/svg><\/span><\/a> pic.twitter.com\/j7qbAvXvXq<\/use><\/svg><\/span><\/a><\/p>— Ki Young Ju (@ki_young_ju) June 28, 2024<\/use><\/svg><\/span><\/a><\/blockquote>

According to CoinGape, Marathon Digital and other prominent market participants have initiated a pivot by mining PoW currencies such as Kaspa.<\/p>\n\n\n\n

Ju also stated that the miners' present shift does not indicate the end of the current cycle.<\/p>\n\n\n\n

He also stated that Bitcoin mining companies are not long-term bearish about Bitcoin; rather, they are hedging and waiting for the buy-side liquidity to recover.<\/p>\n\n\n\n

The duration of the BTC miners' capitulation will be intriguing to observe.<\/p>\n\n\n\n

Throughout the second quarter, Bitcoin has maintained a strong support level of $58,000-$60,000, according to QCP Capital.<\/p>\n\n\n\n

However, the market continues to experience additional selling pressure as a result of the Bitcoin release from Mt. Gox and the selling by governments.<\/p>\n\n\n\n

QCP Capital anticipates that the Bitcoin price<\/use><\/svg><\/span><\/a> will continue to decline until it reaches $50,000, where it will encounter robust support.<\/p>\n\n\n\n

Traditional financial institutions may develop an increasing level of interest at this price point.<\/p>\n\n\n\n

Miner Capitulation at 18-Month Low<\/h2>\n\n\n\n

CryptoQuant has noted that Bitcoin miners<\/a> are presently experiencing a substantial decline in profitability, which is comparable to the severe downturn that occurred in December 2022.<\/p>\n\n\n\n

Miners experienced a 7.6% decline in their profits during that time, which coincided with the market's lowest point following the FTX collapse.<\/p>\n\n\n\n

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#Bitcoin\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> miner capitulation has reached levels comparable to December 2022: 7.6% drawdown.

December 2022 marked the cycle bottom after the FTX colapse. pic.twitter.com\/8A3p2XDvXW<\/use><\/svg><\/span><\/a><\/p>— Julio Moreno (@jjcmoreno) June 28, 2024<\/use><\/svg><\/span><\/a><\/blockquote>

With Bitcoin hash price at an all-time low, miner capitulation reflects December 2022’s profitability fall. BTC may lose the\u00a0$60,000 support. Following the Bitcoin halving event in April, the Bitcoin miner capitulation remains the most closely watched event. Based on the on-chain data, the Bitcoin hash price has reached its all-time low as several miners have reportedly […]<\/p>\n","protected":false},"author":56,"featured_media":82994,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[17807,8762,20286,17820,16247],"class_list":["post-82992","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin-btc-price","tag-bitcoin-miner-2","tag-bitcoin-miner-capitulation","tag-bitcoin-price-drop","tag-btc-price-correction"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/06\/Bitcoin-Hash-Price-Falls-to-Record-Low-Whats-Next.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/82992","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=82992"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/82992\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/82994"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=82992"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=82992"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=82992"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}