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The difficulty of Bitcoin mining has hit a new record 🚀, reaching 114.7 trillion after a 5.6% increase 📈. This milestone coincides with a Hash Ribbon signal ⚡ indicating miner capitulation — a situation where mining costs 💰 exceed profits. Historically, such periods have marked local price bottoms for BTC 📉, often followed by a recovery 🪙✨.
According to Glassnode 📊, the current capitulation began in early February, during which Bitcoin’s price has already dropped by 4% this month 📉. For instance, a similar signal in October 2024 resulted in a 50% price surge 🚀.
Interestingly, this is linked to Bitcoin’s record-high network hashrate 💻⛏️, observed on February 4, creating an even more competitive environment 🥊 for miners. Only Riot Platforms managed to increase production in January 📈, while other mining companies are facing financial strain 💸.
If the trend continues, Bitcoin may find a bottom near $91K 🛠️ before rebounding to new heights 🌟🚀. 1 reply
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