CryptoQuant: Bitcoin miners "surrendering" and record high hash rates indicate that prices may have bottomed out

ChainCatcher news, according to CoinDesk, on-chain analytics firm CryptoQuant stated in a report that Bitcoin miners are once again expanding their capacity, as the network hash rate reached an all-time high this week following a "surrender" event. On Tuesday, the network hash rate set a new record of 627 exahash per second, recovering from an 8.5% drop in early July. The hash price (i.e., the average revenue per unit of mining power) also hit an all-time low, but miners are still expanding their capacity, indicating that their sentiment remains optimistic despite the sell-off in recent months.

CryptoQuant stated: "Last week we may have seen a miner surrender event, as Bitcoin outflows from miners surged after the price hit $49,000. On August 5, the daily miner outflow of Bitcoin soared to 19,000 BTC, the highest level since March 18. Miners sold some Bitcoin as their average operating profit margin was squeezed to 25%, the lowest level since January 22." During bull markets, miner surrender events typically occur near local bottoms in Bitcoin prices.