Bitcoin miners continue to withstand plummeting revenue, showing no signs of capitulation.

Bitcoin miners remain resilient despite experiencing a significant drop in revenue following the halving event in April, according to CryptoQuant CEO Ki Young Ju. In a recent post, Ju stated that miners are currently faced with two options: capitulation or waiting for the price of Bitcoin to increase and cover their costs. However, Ju noted that miners are showing no signs of capitulation at the moment, as indicated by the 365-day Puell Multiple chart, which measures sell pressure from miners. While miner revenue has reached its lowest point since February 25, 2023, concerns about capitulation have been raised due to a recent dip in crypto prices. Following the halving, miner revenue initially surged as demand for Bitcoin-based assets increased. However, this demand has since declined, resulting in a decrease in profits for miners. The Bitcoin Layer, a market research provider, warned of the rising risk of miner capitulation, especially if Bitcoin’s price continues to correct downward over an extended period. Additionally, Bitcoin’s hash price has reached an all-time low, down 74% from its post-halving peak. The price of Bitcoin itself currently sits at $60,400, down 18% from its all-time high in March. Similarly, Ether, the second largest cryptocurrency, has also experienced a 26% decrease from its yearly high in March.