Bitcoin (BTC) miners are adapting to the recent downturn in prices by turning to other cryptocurrencies for mining, as reported by the CEO of CryptoQuant, Ki Young Ju. The hashprice of Bitcoin has hit an all-time low, leading mining companies to slow down investments in mining rigs and explore cheaper proof-of-work (PoW) coins as a hedge against market uncertainty. This shift does not necessarily indicate a long-term bearish trend, but rather a temporary strategy while waiting for buy-side liquidity to recover.
Hashprice represents the anticipated value of 1 TH/s of hashing power per day and is used to estimate how much a miner can earn from a specific amount of hashrate. Ju pointed out that the current situation may signal a capitulation among miners, which often precedes a bullish run in the Bitcoin market. As of now, BTC is trading at $60,681. Ju also recently highlighted Ethereum’s (ETH) Market Value to Realized Value (MVRV) indicator, suggesting the start of an altseason in the crypto market.
The MVRV indicator compares the market capitalization of a cryptocurrency, such as Ethereum, to its realized capitalization, indicating whether the asset is undervalued or overvalued. According to Ju, the rising ETH MVRV relative to Bitcoin MVRV indicates a growing interest in the Ethereum market based on its on-chain fundamentals. With the current ETF situation in play, Ju predicts that this may lead to an ETH-centric altcoin season, as historically other altcoins tend to follow when ETH experiences a surge in value. At present, ETH is trading at $3,360.
To stay updated on the latest developments in the crypto market, subscribers can receive email alerts directly in their inbox. Additionally, followers can connect with the platform on various social media channels like X, Facebook, and Telegram. By diversifying their mining efforts and exploring alternative cryptocurrencies, miners are adapting to the changing market conditions and leveraging opportunities presented by different PoW coins. As the industry continues to evolve, staying informed and agile is crucial for success in the ever-changing landscape of cryptocurrency mining and investment.
