The Bitcoin hash price has reached ATH as miners struggle with rising costs. According to IntoTheBlock, Bitcoin miners have offloaded over 30,000 BTC in June.
This mass sell-off is largely attributed to the April halving event, which reduced block rewards by half. Such events typically lead to miner capitulation, where mining becomes unprofitable, forcing miners to liquidate their Bitcoin holdings to cover expenses.'Rich Dad Poor Dad' Author Calls Bitcoin Fast Track Investment, Here’s What He Means
Bitcoin Can Hit $75,000, Here's How, Another XRP Reversal Attempt, Dogecoin to Test out $0.13 Again, But There's Catch Bitcoin's hashrate has decreased by roughly 15% over the past month, reflecting the overall computational power that miners contribute to the network. The hashrate represents the number of calculations performed per second to validate and secure transactions. Hashing involves generating a random alphanumeric code and attempting to guess it, or something very close to it.
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Bitcoin price bouce will occur when ‘weak hands’ capitulate and hashrate recoversBefore a hashrate recovery can take place, the market needs to shake out weak hands and see Bitcoin miners capitulate.
Source: Cointelegraph - 🏆 562. / 51 Read more »