Bitcoin's hashrate collapses 40%, marking the biggest miner capitulation since 2021. Read how energy value plunges as experts debate power prices, storm impact and BTC mining stress.
Bitcoin's hashrate collapses 40%, marking the biggest miner capitulation since 2021. Read how energy value plunges as experts debate power prices, storm impact and BTC mining stress.miners just triggered one of the biggest retreats in years, and almost no one is talking about it.
Hashrate has fallen by over 40% from its all-time high, which some experts are calling the biggest failure of miners since China's ban in 2021. The red flag? Bitcoin's Energy Value, a metric that does not get much attention but is actually pretty predictive — just took a hard dive with it.Morning Crypto Report: -94% for Dogecoin : Time to Worry? Not Yet, $10 XRP: Ripple Legend Provokes XRP Community With New Riddle, Binance Delists Meme Coins: 12 Gone Already Crypto Market Review: Will XRP Close out on $2? Ethereum Back on Track, Big Bitcoin Battle AheadThe indicator, which links hashrate and energy costs to fair value, now shows Bitcoin priced almost 4% below its energy-derived baseline. And the moving average has turned over for the first time in over a year.The opposing camp says the hashrate drop is not capitulation — just winter. Power prices across the major U.S. grids shot up to over $100/MWh as Winter Storm Fern messed with supply and led to load curtailments. In this version, miners did not quit, they just paused. So, it may come that most of that hashrate will bounce back within two weeks, and Edward's chart just captured a weather event. Morning Crypto Report: -94% for Dogecoin : Time to Worry? Not Yet, $10 XRP: Ripple Legend Provokes XRP Community With New Riddle, Binance Delists Meme Coins: 12 Gone AlreadyOthers see rising energy costs as an opportunity, not a threat. With the smaller players now out of the game, the big industrial-scale miners are able to get their hands on more of the market share, and at better margins. That changes Edwards's bearish take into a miner consolidation thesis. Even so, the size of the drop is hard to ignore. The last time Energy Value fell this hard and fast, spent six months in a death spiral before finding the bottom. That does not mean we are heading for a repeat of the past, though. Today's environment includes ETFs, nation-state buyers and structurally higher demand. India's Largest CIO Conference - to Convene India’s Top CIOs and Technology Leaders Enterprise Connected: Intelligence at the Core, Transformation at Scale
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