Bitcoin (BTC) miners are exhibiting clear indicators of capitulation, a phenomenon typically correlated with market bottoms, especially after enduring a 13% descent over the past month.

Currently, Bitcoin trades at $60,300, having dipped 3% on Wednesday. This price level has consistently served as crucial support since April, with Bitcoin rebounding from this juncture thrice before ascending toward the $70,000 mark.

According to data provider CryptoQuant, this scenario is poised to recur in the near future, as multiple indicators suggest capitulation following a phase of intense sell pressure.

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Two significant signs of miner capitulation are the declining hashrate and reduced mining revenue per hash (hashprice), both of which have markedly decreased this month. The hashrate has plummeted by 7.7% since the halving, while hashprice approaches historic lows. Hashrate represents the computational power within the Bitcoin network, and hashprice denotes the revenue miners earn per unit of hashrate.

Miners are also grappling with a substantial reduction in daily revenue, which has plunged to $29 million from $79 million on March 6. This downturn has compelled miners to deactivate equipment, precipitating the drop in hashrate.

“Miners have experienced a 63% decline in daily revenues due to the halving and the collapse of transaction fees to 3.2% of total revenue,” CryptoQuant reported.

Current levels of miner capitulation are akin to those witnessed in December 2022, a period marking the market bottom post the FTX debacle.