Monday Mining Metrics: BTC Breaks $63,000!
Bitcoin Mining Update - 7/15/2024
Bitcoin is Pumping - We are so back
Bitcoin surged more than 10% over the weekend; it’s back above $63,000 at the time of writing. If you recall Friday’s newsletter, we denoted many indicators that BTC was likely forming a local bottom. It appears we were correct.
This price action has, of course, provided some reprieve for Bitcoin miners. After flirting with new lows, hashprice is now back above $0.05/Th/Day; a key level both in terms of psychology/sentiment, as well as the profitability of popular ASIC models.
For example, an S19j Pro mining with an electricity rate of $0.06/kWh becomes profitable when hashprice hits $0.052, which is now within a rounding error.
With the BTC price rising off the lows, we’re seeing a corresponding rebound in mining difficulty. The next adjustment is projected to be an increase of nearly 4%. The miner capitulation that we’ve been following appears to be over.
We’ve been using the ‘hash ribbons’ metric to track this miner capitulation. Miner capitulations are good for marking local BTC bottoms as unprofitable miners turning off machines results in less sell pressure on BTC. The 30D moving average of hashrate is now rising, and this chapter of the hash ribbon will likely soon be closed.
Did you buy the dip?
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