Bitcoin Miner ‘Capitulation’ and Hash Ribbon Indicator Suggests Possible Price Bottom

Odaily News Bitcoin mining difficulty hit a record high of 114.7 T after a 5.6% increase over the weekend, which coincides with the Hash Ribbon indicator, indicating that prices may have bottomed out. According to Glassnode data, miner capitulation began in early February. Bitcoin has fallen more than 4% so far this month. As difficulty increases, mining competition has become more intense, putting more pressure on miners, and January's Bitcoin mining output data reflects this. Riot Platforms (RIOT) is the only large listed miner to report a monthly increase in output. (Coindesk)