Since Bitcoin's latest halving event on April 19, which cut the reward for mining a new bitcoin block in half, the world's largest cryptocurrency has begun showing signs of miner capitulation as miners likely turn off underperforming machines and begin to sell bitcoin to hedge their exposure.
The CryptoQuant report notes total daily revenues for miners have decreased from $79 million on March 6 to $29 million currently. While the excitement around the Ordinals and the novel Runes protocol initially generated tens of millions in fees for the network, CryptoQuant notes the revenue from transaction fees has fallen to only 3.2% of the total daily revenues, the lowest share since April 8.
According to CryptoQuant's data, after hitting a record-high hashrate on April 27, the network's hashrate has experienced a 7.7% drawdown and is currently nearing a four-month low. In addition, spikes in miner outflows indicate that some may be selling their coins to hedge their exposure. Bitcoin mining companies, however, appear to be taking the changes in stride, investing in newer processors and securing energy contracts across the globe.
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