{"id":14619,"date":"2024-06-24T13:12:42","date_gmt":"2024-06-24T10:12:42","guid":{"rendered":"https:\/\/forklog.com\/en\/analyst-disputes-bitcoin-miners-capitulation-post-halving\/"},"modified":"2024-06-24T13:12:42","modified_gmt":"2024-06-24T10:12:42","slug":"analyst-disputes-bitcoin-miners-capitulation-post-halving","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/analyst-disputes-bitcoin-miners-capitulation-post-halving\/","title":{"rendered":"Analyst Disputes Bitcoin Miners&#8217; Capitulation Post-Halving"},"content":{"rendered":"<p>Known by the pseudonym Checkmatey, Glassnode analyst James Check questioned the notion of Bitcoin miners capitulating after the halving, though he acknowledged they are &#8220;treading water.&#8221;<\/p>\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\">\n<div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Are Bitcoin Miners Suppressing Price? (BTC Market Update)\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/45mMw24588k?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div>\n<\/figure>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;We are in a period of &#8216;Difficulty Ribbon&#8217; inversion, and blocks are being generated 14 seconds slower than they should be. This indicates there is less hash rate in the network,&#8221; confirmed Checkmatey.<\/p>\n<\/blockquote>\n<p>However, in his assessment, no more than 5% of Bitcoin&#8217;s computational power is experiencing difficulties. Check believes this is &#8220;not that much,&#8221; and the market situation does not resemble a &#8220;total sell-off.&#8221;<\/p>\n<p>According to <a href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&#038;category=&#038;ema=0&#038;m=mining.HashRateMean&#038;mAvg=7&#038;mMedian=0&#038;s=1659268705&#038;u=1719100800&#038;zoom=\">Glassnode<\/a>, the hash rate smoothed by a seven-day moving average (7 DMA) stands at 592.2 EH\/s. This figure is approximately 9% lower than the 649.7 EH\/s recorded just before the block reward halving <a href=\"https:\/\/forklog.com\/en\/news\/bitcoin-undergoes-fourth-halving\">in April<\/a>.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-eu.googleusercontent.com\/docsz\/AD_4nXcXUHVPoVBvnHphRWi4lsRpjWrzAEgHolzgu7S7s8a6DEDQZoHBl7K9nPK3Pg7Awfr166ryi2o7Na-haF8Jfcy8qOZzJbFpn7oEzXmywAzkr_dPI9Ki8dQ_78xhj5fGCunUJDaKbVkOxW-p0XplKfTmIBGb?key=Ld6nEd84lhJHj-1VwF-uhg\" alt=\"Analyst Disputes Bitcoin Miners' Capitulation\"\/><figcaption class=\"wp-element-caption\">Data: Glassnode.<\/figcaption><\/figure>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;Miners might be treading water, but they are likely not capitulating on the full scale of a bear market. They are probably just stuck, mining 10 bitcoins and selling them,&#8221; suggested Checkmatey.<\/p>\n<\/blockquote>\n<p>The analyst also noted that the share of fees in the total revenue of cryptocurrency miners has reached 10%. He stated that miners need to adapt to a situation where network fees become the primary source of revenue following the reduction of the block reward from 6.25 BTC to 3.125 BTC.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">One very positive trend for <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> is that transaction fees represent an increasingly large proportion of miner revenues<\/p>\n<p>Miners must adapt and adjust to fees becoming their primary revenue stream, forcing the industry to further innovate, and apply efficient capital management <a href=\"https:\/\/t.co\/hHTnW1qqhb\">pic.twitter.com\/hHTnW1qqhb<\/a><\/p>\n<p>\u2014 _Checkmate ??\u26a1\u2622\ufe0f?\ufe0f (@_Checkmatey_) <a href=\"https:\/\/twitter.com\/_Checkmatey_\/status\/1804283614647193832?ref_src=twsrc%5Etfw\">June 21, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Earlier, the inversion of Hash Ribbons\u2014where the 30 DMA surpasses the 60 DMA\u2014was highlighted by the metric&#8217;s creator, Capriole Investments founder Charles Edwards. <\/p>\n<p>In his view, this phase signifies miner capitulation and provides an &#8220;optimal signal&#8221; for purchasing digital gold.<\/p>\n<p>By mid-June, Bitcoin reserves held by cryptocurrency miners had fallen to 2021 lows.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Known by the pseudonym Checkmatey, Glassnode analyst James Check questioned the notion of Bitcoin miners capitulating after the halving, though he acknowledged they are &#8220;treading water.&#8221; &#8220;We are in a period of &#8216;Difficulty Ribbon&#8217; inversion, and blocks are being generated 14 seconds slower than they should be. This indicates there is less hash rate in [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":14618,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1146,1137,1138],"class_list":["post-14619","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrency-market-forecasts","tag-cryptocurrency-mining","tag-opinions"],"aioseo_notices":[],"amp_enabled":true,"views":"9","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/14619","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=14619"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/14619\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/14618"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=14619"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=14619"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=14619"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}