What‘s next for Bitcoin‘s hash rate? Kazakhstan‘s crackdown is being shaken off, data suggests.
Nonetheless, a full recovery ensued on both occasions, reinforcing the idea that as long as there is at least one “friendly” jurisdiction for miners, mining will come back harder than ever before.
Miners have a breakeven cost for producing each Bitcoin, and when the spot price is lower than that cost, the danger arises that they will begin to “capitulate,” or cease operations due to a lack of profitability. This has the knock-on effect of reducing price performance, and an adjustment in Bitcoin network difficulty is needed to lower miners‘ production costs en masse.
“A simple 1- and 2-month simple moving average of Bitcoin’s hash rate can be used to identify market bottoms, miner capitulation and — even better — great times to buy Bitcoin,” Charles Edwards, CEO of asset manager Capriole, who created the metric,“When the 1-month SMA of Hash Rate crosses over the 2-month SMA of Hash Rate, the worst of the miner capitulation is typically over, and the recovery has begun.
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