Despite Bitcoin’s slump and soaring Texas energy prices, miners display unexpected resilience

Quick Take

In the face of a notable 7% upward adjustment in Bitcoin’s hash rate — one of the most significant this year — and a plummeting price below $26,000, Bitcoin miners have demonstrated remarkable resilience.

Coinciding with this sharp adjustment, there has been a reported mining capitulation over the past month. Yet, the data points to a stronger-than-expected position for miners.