Bitcoin's computing power, measured by hashrate, has dropped noticeably in recent days. This could lead to miners selling.
Bitcoin hashrate declined significantly over the last few days, which may result in miner capitulation.network’s processing power, the hashrate drawdown, has plunged to its lowest point since December 2022.Per Blockchain.com, there was a significant decline in Bitcoin’s hashrate this month, bringing it down to levels reminiscent of the tumultuous period surrounding the FTX exchange collapse in late 2022.
This typically happens when the cost of mining Bitcoin, which includes electricity, hardware, and maintenance expenses, surpasses the revenue generated from mining rewards.
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