CoinVoice has recently learned that the Bitcoin hash rate has decreased by 4% within a month, with miner capitulation historically being a bullish reverse signal. Matt Sigel, head of crypto research at VanEck, and senior investment analyst Patrick Bush point out that since 2014, when the current hash rate has declined over the past 30 days, the probability of Bitcoin's 90-day forward return being positive is 65%.
The current Bitcoin trading price is $88,400, down nearly 30% from its historical peak. Additionally, the breakeven electricity price for the Bitmain S19 XP miner has decreased from $0.12/kWh to $0.077/kWh. Analysts say that the decline in hash rate may be driven by China shutting down about 1.3 gigawatts of mining capacity, with some power possibly redirected to meet AI demands. Currently, 13 countries, including Russia and Japan, still support Bitcoin mining. [Original link]
