On July 7, the average cost per Bitcoin transaction fell to its lowest level in four years at $38.69, despite Bitcoin trading above $58,200. This decrease was attributed to lower demand for block space and reduced data volume.
Bitcoin miners maintained profitability despite the lower transaction cost, benefiting from reduced network difficulty. However, signs of miner capitulation were noted as profit margins tightened, potentially signaling market bottoms.
CryptoQuant highlighted indicators of miner stress, such as significant hashrate decline and miners being 'extremely underpaid.' Daily miner revenues have decreased post-halving, presenting challenges in adapting to market changes.
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