Bitcoin Hashrate Drops to December 2022 Levels Amid Miner Capitulation and Halving Impact

At the start of July, Bitcoin‘s hashrate drawdown, which measures changes in the network’s computing power, dropped to levels not seen since the December 2022 bear market, indicating some miners may be capitulating. In April, Bitcoin underwent its fourth halving at block height 840,000, cutting the block reward in half to 3.125 BTC. This reduction in rewards, along with transaction fees accounting for less than 10% of revenues, has squeezed miners’ earnings. Additionally, Bitcoin’s price recently fell below $60,000 due to selling pressure from German authorities and the Mt. Gox rehabilitation trustee repaying creditors in Bitcoin and Bitcoin Cash. The