With the difficulty setting a new all-time high, Bitcoin hash rate could experience a small capitulation

According to calculations from MiningPoolStats, Bitcoin has overcame significant odds in the last year to see computing power devoted to mining — hash rate — reach a massive 222 exahashes / second (EH/s) this month.However, on both instances, a full recovery occurred, validating the assumption that mining will bounce back stronger than before as much as there is at least one "friendly" jurisdiction for crypto miners. Hash ribbons apply two simple moving averages (SMAs) of hash rate to indicate miner health, it has been used to predict when potential price bottoms are approaching.Miners get a breakeven cost for mining each Bitcoin, and if the spot price falls below that, the risk of their "capitulating," or ceasing operations owing to a lack of profitability increases. This has the unintended consequence of lowering market prices, necessitating a change in Bitcoin network difficulty to reduce miners' production costs.When the 30-day SMA crosses below the 60-day SMA on hash ribbons, it indicates that a capitulation event has happened.Bitcoin mining is not for me, due to the high barrier of entry. However, I just love to profit out of the news. via /r/Bitcoin https://bit.ly/3iqerfx