Bitcoin Miner Capitulation and Record High Hashrate Suggest Potential Price Bottom, Says CryptoQuant

The network hashrate achieved a new milestone on Tuesday, reaching 627 exahash per second, rebounding from an 8.5% decline experienced in early July. This remarkable growth occurred despite a recent decrease in bitcoin prices and a record low hash price, which signifies the average revenue generated per unit of mining power. These developments indicate a positive outlook among miners following a period of significant selling activity in recent months.

Hashrate, in essence, represents the computational capacity harnessed by miners to create new bitcoin and validate fresh transactions within the Bitcoin network. Every second, millions of complex calculations are executed to successfully ‘mine’ new blocks, a fundamental aspect of the overall mining process.