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Bitcoin hash rate drops 22% as miner capitulation accelerates
Bitcoin hash rate dropped 22% in two weeks as miners shut down machines, raising the prospect of capitulation that could push spot prices lower. The hash rate fell to 813 EH/s on Wednesday, down from 1.2 ZH/s on March 5. Miners are losing an estimated $19,000 on every coin they produce, according to Token Metrics analysts. Hash price has compressed below $34 per PH/s/day, which sits below breakeven levels for many operations. The bitcoin hash rate drop mirrors similar patterns from previous bear cycles. When energy costs spike and prices stagnate, marginal miners shut down first. Then the larger operations start ... (full story)