Bitcoin Hashrate Falls Below 560 EH/s Amid Miner Capitulation and 100 EH/s Exit
Bitcoin's network has experienced a significant drop in its hashrate, falling below 560 EH/s for the first time since February 19th. This decline comes amid a challenging month for Bitcoin prices, which have seen a 7.6% drawdown, comparable to the levels observed in December 2022 following the FTX collapse. The current situation has led to miner capitulation, with many exiting the network as prices and revenues fall, including a 100 EH/s exit. Despite these challenges, there are some bullish signs, including easing miner sell pressure.
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#Bitcoin Miners See 100 EH/s Exit Network as Prices and Revenues Fall https://t.co/gols4jSBnE
MartyParty Huge news as #Bitcoin network true hash rate drawdown % approaches FTX level. Miners are approaching capitulation in their Bitcoin sales.☝️ https://t.co/5uK2wUbkGv
Julio Moreno #Bitcoin miner capitulation has reached levels comparable to December 2022: 7.6% drawdown. December 2022 marked the cycle bottom after the FTX colapse. https://t.co/8A3p2XDvXW
Cointelegraph June has been rough for #Bitcoin price. But there are bullish $BTC bright spots, including easing miner sell pressure, when we look closely. 🧵 https://t.co/gwE4kTSkS6
Hashrate Index 🟧⛏️ JUST IN: 7D #Bitcoin Hashrate falls below 560 EH/s, the first occurrence since Feb 19th. https://t.co/WIADYoxkrX