Report: Bitcoin miners are entering "capitulation mode"

Cryptocurrency data service provider Coin Metrics recently released a report showing that Bitcoin is in a "miner surrender" vortex. Although the price of Bitcoin has rebounded by more than 70% in just two weeks after hitting a low of $ 3,700, for some less efficient miners, the current Bitcoin price is still below the "breakeven point", so Coin Metrics Bitcoin miners are expected to be in "capitulation mode". The company concluded that miners are entering a cycle and profit margins will fall and sell-offs will increase. As some miners surrender, some of the least efficient miners in the Bitcoin mining network will be eliminated. However, once this cycle is completed, the Bitcoin mining industry will return to a healthy state and be able to support future price increases.