What ATH Hash Rate Means Amid Flat Prices for Bitcoin Miners – Bitcoin Magazine

Bitcoin’s total hash rate reached a new all-time high, according to data from Coin Metrics, just weeks after the end of a two-month capitulation period for the industry.

In a more challenging environment, miners are tested to see if they can maintain profitability. Budgets are falling under stress as the price remains mostly flat as the hash rate and mining difficulty continue to rise.

A broad miners capitulation began in the early summer when the price of bitcoin took a deep dip, wiping out all gains made in the previous year. Under pressure, most public miners who previously committed to holding their BTCs began selling their daily mined bitcoins to cover operating costs in the face of diminishing margins. Later, some would even start selling the BTC they had put in the cold room.

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