Bitcoin miners continue to show resilience with no indications of capitulation despite a significant decline in revenue.

Bitcoin miners are not showing signs of “capitulation” despite a significant drop in revenue following the halving event in April, according to a post by CryptoQuant CEO Ki Young Ju. The post suggests that miners have two options: either capitulate or wait for the price of Bitcoin to increase and cover their costs. Ju analyzed the 365-day Puell Multiple chart, which measures sell pressure from miners, and found no indications of capitulation at the moment. Miner revenue has reached its lowest point since February 25, 2023. Concerns about miner capitulation have arisen due to a recent dip in crypto prices. Initially, miner revenue increased after the halving, with high demand for the first blocks mined after the event. However, interest in Bitcoin-based assets has declined recently, largely due to a general decline in the crypto market. The Bitcoin Layer, a market research provider, stated that miner capitulation risk is increasing as profits are being squeezed. If Bitcoin’s price continues to decline, miners may be forced to sell off Bitcoin to hedge their positions. Bitcoin’s hash price has also reached an all-time low, down 74% from its post-halving peak. The price of Bitcoin currently sits at $60,400, an 18% decrease from its all-time high in March, while Ether is down 26% from its yearly high.