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martes, mayo 28, 2024

Bitcoin faces potential miner capitulation as hash fee continues to drop


Fast Take

CryptoSlate’s evaluation sheds gentle on the anticipated hash fee adjustment, with historic developments indicating a possible 20% lower post-halving. Previous cycles replicate important hash fee corrections: 39% in 2012, 11% in 2016, and 26% in 2020. As of 2024, we’ve noticed a 6% decline up to now, taking the hash fee from 649 eh/s to 619 eh/s.

Hash Rate Adjustment Percent Change: (Source: Glassnode)
Hash Fee Adjustment P.c Change: (Supply: Glassnode)

The value of Bitcoin has tumbled from its highs of round $73,500 to beneath $57,000, and on account of this, additional hash fee drops are anticipated. Luxor’s “hashprice” metric, which quantifies the anticipated worth of 1 TH/s of hashing energy per day, at present sits at a five-year low of $0.045 per terahash/second per day.

BTC Hashprice Index: (Source: hashrateindex)BTC Hashprice Index: (Source: hashrateindex)
BTC Hashprice Index: (Supply: hashrateindex)

If this development persists, the digital asset neighborhood might witness a miner capitulation occasion, the place Bitcoin mining turns into too costly relative to the price of mining. This situation is often recognized by Glassnode’s hash ribbon metric, which has traditionally signaled bottoms in Bitcoin cycles.

Hash Ribbon: (Source: Glassnode)Hash Ribbon: (Source: Glassnode)
Hash Ribbon: (Supply: Glassnode)

The upcoming problem adjustment, scheduled for Could 8, is forecasted to lower by 1.5% to 2%.

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