Bitcoin might crash if the miners stop mining

The Bitcoin rate has held up very well in the last 3 weeks since the halving. Historically, the time after halving has been characterized by weak Bitcoin price performance and there were quite a few who predicted a crash after May 11th. So far, the opposite has actually happened. On May 11, the Bitcoin price was trading at just under $ 8,600, but now stands at over $ 9,500.Yesterday, the BTC price even rose above the magical $ 10,000 mark, but failed with this pump due to the resistance at $ 10,500. Shortly after the joy of the pump, however, it was known that the disillusionment with the $ 1,000 crash returned to $ 9,500. But what triggered the dump? New statistics show that the miner’s surrender could be responsible for this.

 

Bitcoin course as victim of miner surrender?

The bitcoin hashrate has slumped massively from over 130 TH / s to temporarily just under 90 TH / s in the last few weeks, thus indicating a miner surrender. This withdrawal of unprofitable miners has apparently calmed down since the hashrate has increased to over 100 TH / s again.Nevertheless, many miners at the current Bitcoin exchange rate may have a hard time staying profitable. If one believes the analysis by Ki Young Ju, CEO of the crypto analysis company CryptoQuant, this miner surrender is also responsible for the crash of the Bitcoin price of USD 1,000 yesterday. This is shown in the following chart that Ju shared on his Twitter profile:

https://twitter.com/ki_young_ju/status/1267849052999127040