bullish

Bitcoin

<a href="https://ultramining.com/news/en/russias-bitcoin-gold-rush-mining-machine-influx-outpaces-rest-of-the-world/">Bitcoin miners</a> are showing renewed confidence despite recent price declines, as the network’s hashrate reached a new all-time high of 627 exahash per second this week, according to a report by CryptoQuant. This recovery follows an 8.5% drop in hashrate in early July, with the latest surge indicating positive sentiment among miners after a period of selling, according to <a href="https://www.coindesk.com/markets/2024/08/14/bitcoin-miner-capitulation-and-record-high-hashrate-points-to-possible-price-bottom-cryptoquant/">Coindesk</a>. 
<img src="https://lh3.googleusercontent.com/d/1UH-m1jdfjdqAbGxMRstIlpWfiZRG74Gg?key=1UH-m1jdfjdqAbGxMRstIlpWfiZRG74Gg" alt=""> 
On August 5, Bitcoin miner outflows spiked to 19,000 BTC, marking the highest level since March 18. This surge in outflows, which occurred as Bitcoin’s price touched $49,000, suggests that miners sold off to cover costs as profit margins tightened to 25%, the lowest since January 2024. Historically, such miner capitulation events have coincided with local price bottoms, as seen in March 2023 and January 2024. 
Despite the challenging environment, miners are expanding their capacity, reflecting a bullish outlook for Bitcoin. BTC is currently trading just above $61,000, up 2.8% in the past 24 hours. This latest hashrate increase highlights the resilience of miners even amid market volatility, suggesting a potential stabilization in Bitcoin’s price.

Bitcoin Miner Capitulation Points to Price Bottom

Ultramining_Eng

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