Is another Bitcoin miner capitulation in the cards? On-chain data illustrates just how much pressure miners are under and the recent all-time high in hash rate might not be helping.
The Bitcoin hash rate hit a new all-time high above 245 EH/s on Oct. 3, but at the same time, BTC miner profitability is near the lowest levels on record.
Utilizing a Difficulty Regression Model, data shows a R2 coefficient of 0.944 and the last time the model flashed signs of miner distress was during BTC’s flush out to $17,840. Currently, it hovers near $18,300, which is not far from the price range seen in the past two weeks.
Miners who aren't broke or suing each other continuing to deploy what they can. Every month has a couple headlines about new facilities being planned or energized. And a lot of the new hashrate is from XPs coming onlineWhat investors really want to know is whether or not Bitcoin price is in the clear or whether there is an elevated risk of another sell-off driven by miner capitulation."Miners are still selling in the current environment .
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