Bitcoin miners have shown no signs of capitulation

After the Bitcoin halving the miners have not shown signs of capitulation, which from my perspective is captious if we take into account that the BTC price action has been in frank retreat and at the time of writing is above the level of $ 58,000 and with signs of weakening.

So, if miners start selling BTC units in the following weeks we could see the price drop to much lower levels, in this sense the current scenario begins to complicate and does not look good for the bulls.

In this sense and according to information disclosed by Tom Mitchelhill for the news portal Cointelegraph, "Bitcoin miners show no signs of "capitulation" despite the fact that their revenues have fallen to 14-month lows after the halving event in April."

In Mitchelhill's words, "Bitcoin miners' revenues soared immediately after the halving, with rare satoshi hunters and Runes Protocol degens paying premium prices for space in the first blocks mined after the halving on April 20."

According to market research provider, The Bitcoin Layer miners had a brief respite after the halving as the Bitcoin price rose, but now their profits are taking a serious hit after the halving, now that the spot BTC price is going against them."

Cointelegraph. ‘No signs’ of Bitcoin miner capitulation despite plummeting revenue. Link

The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph