![\"\"](\"https:\/\/www.cryptocabaret.com\/wp-content\/uploads\/2022\/08\/2cddoins-768x432.jpg\")
<\/p>\n<\/p>\n
Bitcoin\u2019s value against the U.S. dollar lost 7.3% during the last 24 hours after more than $600 million in value was removed from the $1.07 trillion crypto economy. Statistics show that a number of bitcoin miners capitulated over the last two weeks, selling 5,925 bitcoin worth millions, according to cryptoquant.com data.<\/strong>\n<\/p>\n \n According to data stemming from cryptoquant.com shared<\/a> by Ali Martinez<\/a> bitcoin miners capitulated during the last 14 days. \u201cBitcoin miners appear to have taken advantage of the recent upswing to book profits,\u201d Martinez said. \u201cData shows that miners sold 5,925 BTC<\/a> in the last two weeks, worth roughly $142 million.\u201d<\/p>\n Following Martinez\u2019s tweet, cryptoquant.com data shows more than 6,100 BTC<\/a> have been sold since the first of August. The web portal\u2019s <\/span>Miners\u2019 Position Index<\/span><\/a> says bitcoin miners are \u201cmoderately selling\u201d bitcoin. Using today\u2019s crypto market values, 6,100 BTC<\/a> equates to $130.80 million, a much lower value than Martinez\u2019s quote price. <\/span><\/p>\n Miners took a break from selling BTC<\/a> after a flurry of mined bitcoin was sold during the two months prior to August 1, 2022. A Blockware Intelligence Newsletter<\/a> published on July 29 explained that the end of miner capitulation was near. \u201cAccording to the hash ribbon metric, Bitcoin is 52 days into a miner capitulation,\u201d the Blockware newsletter said. Blockware\u2019s report added:\n<\/p>\n The end of a miner capitulation historically marks a bear market bottom.<\/p>\n<\/blockquote>\n \n \nMore Than 6,100 Bitcoin Sold Since the First of the Month, Following a Brief Miner Capitulation Pause<\/h2>\n
\nBitcoin\u2019s U.S. dollar value slid from $23,593 per unit to $21,268 per coin at 8:30 a.m. (EST) on Friday morning. More than $600 million has been erased from the crypto economy during the last day as BTC<\/a> lost 7.3% and ETH<\/a> shed 7.4%. A number of other coins lost value against the U.S. dollar as well as BNB<\/a> dipped by 5%, XRP<\/a> slipped by 9%, and ADA<\/a> lost 10.3% during the past 24 hours.<\/p>\n\n
\nDuring the first two weeks of August, it seemed as though miner capitulation was over and BTC<\/a> managed to tap $25,212 per unit on August 14. BTC<\/a> has lost 14.58% since the August 14 high and it\u2019s currently down 69% from the $69,044 per unit price recorded on November 10, 2021. This past week Bitcoin\u2019s mining difficulty rose by 0.63%<\/a> making it more difficult for miners to discover BTC<\/a> blocks and with prices lower, mining bitcoin is less profitable today than it was five days ago.<\/p>\nBitcoin Hashrate Skyrockets by 46% During the Past 24 Hours Following the Recent Difficulty Increase<\/h2>\n
\nDespite the difficulty rise, after coasting along under the 200 exahash per second (EH\/s) zone at 182.40 EH\/s the day prior on August 18, 2022, BTC<\/a>\u2019s hashrate has skyrocketed to 267.40 EH\/s<\/a>. That\u2019s a 24-hour increase of around 46.60% higher than the 182 EH\/s recorded on Thursday afternoon (EST).<\/p>\n