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Bitcoin miners shut down equipment and sell reserves
Bitcoin miners have begun turning off inefficient equipment and selling reserves, a sign of their capitulation, a report from CryptoQuant says.
Experts noted that such periods are historically associated with minimum prices.
Miners' daily income has dropped from $79 million on March 6 to $29 million currently. The share of commissions in revenue fell to 3.2%, the lowest since April 8. The hype around Ordinals and Runes before the halving brought miners “tens of millions” of dollars.
The network hashrate fell by 7.7% after block reward cuts in April, which is the largest drawdown since December 2022, when the market bottom was recorded after the collapse of FTX.
According to CryptoQuant, daily outflows from miners' wallets reached the highest volumes since May 21, indicating likely sales.
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