Why The Post-Halving Miner Capitulation That’s Underway May Ignite A Meteoric

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Why The Post-Halving Miner Capitulation That’s Underway May Ignite A Meteoric Bitcoin Rally





Bitcoin miners have been on a wild roller-coaster ride in the past few weeks. After the halving on May 11, the rewards they receive were slashed by half from 12.5 BTC per block to 6.25 BTC. As a result, most of the miners using older model mining machines were forced to shut them down as they were registering meager profits. This resulted in a substantial drop in the hashrate.

With bitcoin recently slipping below crucial $9,000 level, fears of a further dive have been renewed. A possible sell-off might discourage new investors from entering the bitcoin market. However, Charles Edwards, a digital asset manager at Capriole, sees the miner capitulation as an opportune time to buy bitcoin at low prices before the next bull market.

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