Bitcoin hash unit price hits record low! Mining companies switch to mining other PoW coins to hedge risks

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1. Bitcoin hash price hits record low
   CryptoQuant founder and CEO Ki Young Ju said that Bitcoin hash price has hit a record low, and many mining companies have slowed down mining. machine investment, and turned to mining other PoW tokens to hedge against market uncertainty.
2. Hash price: an indicator of miner profitability
   Hash price refers to the expected revenue that can be generated per 1TH/s computing power unit per day, and is a key indicator for evaluating miners' profitability.
3. Falling hash prices force small miners to capitulate
   CryptoQuant CEO said falling hash prices since April’s Bitcoin halving has put pressure on inefficient miners.
4. Small miner capitulation is a precursor to a bull market
   Economist and mining expert Jan Wuestenfeld said that the capitulation of small miners is usually a sign of a bull market.
5. Miners’ selling pressure weakens, Q3 market is bullish
   CryptoQuant analysts pointed out that the number of withdrawals from miners’ wallets and the number of Bitcoins proposed have decreased significantly, indicating that miners’ selling pressure on the market is weakening, and it is expected that the Q3 cryptocurrency market will be positive rising prices.

   

   In terms of Bitcoin price, it fell by more than 2.8% from US$61,875 last night, once dropped to US$60,000, and dropped as low as US$60,079. It has returned to US$60,950 by the time of writing, down 1.1% in the past 24 hours.

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