Miners capitulation: 10050 BTC transferred to one of the crypto exchanges

  • Ultramining.com
  • 16:31 Dec 02, 2022
Miners capitulation: 10050 BTC transferred to one of the crypto exchanges

Yesterday there was a big move of 10050 bitcoins, which were transferred to Coinbene. We can find this information on Whale Alert's Twitter account.

Source: Twitter

Even though the wallet from which the coins are left, is listed as "unknown," IT Tech was able to establish that the BTCs were sent from the Poolin mining pool. Thus, this large amount could be sold on the market.

Based on the cost of mining bitcoin and its current price, we can conclude that miners have been operating at a loss for some time. The loss from each mined coin is more than $2 thousand.

Source: MacroMicro

Moreover, according to statistics, 135% of received BTCs are being sold. We are talking about capitulation.

Source: Glassnode

As for bitcoin hashrate, in November, it collapsed by 15%. That is, there is a shutdown of equipment, as it is unprofitable to mine the cryptocurrency. Based on the HashRibbon indicator, there has been no such situation since July 2021.

Source: Glassnode

There is a graph that reflects the facts of capitulation for four years. This event coincided with the moment when bitcoin was at the bottom. After that, not immediately, but in all cases, the growth started.

Source: CryptoQuant

As for the current situation, the surrender is at a very early stage. In this regard, we can conclude that there is a positive prospect, but it takes time to implement it.

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