capitulación

#BTCBelowMinerProductionCost5Months
⛏️ Is this the end for miners or the buy signal you've been waiting for?

We've been under the production cost with Bitcoin for 5 STRAIGHT MONTHS. JPMorgan estimates that mining 1 $BTC costs ~$78,000**. Today BTC is hovering around **$62,500. There's a gap of $15,500 for each mined Bitcoin. What’s the outcome? 20% of miners are operating at a loss.

📉 Miners are bleeding

· Record sales: Public miners sold over 32,000 BTC in Q1 2026 to cover costs —more than in ALL of 2025.
· Falling difficulty: Mining difficulty dropped -10% in the second week of June, the second-largest drop of the year. It’s the 11th largest drop in history.
· Power shut down: Hashrate fell -23% since its peak in October. Inefficient miners are shutting down machines.

🚨 Are we capitulating?

The Puell Multiple indicator (which measures miner stress) dropped to 0.74 on its 30-day average —and the raw indicator is already at 0.58. In 2022, the 0.50 level marked the start of massive equipment shutdowns. With the current price, we could hit that level in weeks.

🔮 The paradox: a buy signal?

Here's what few will tell you: JPMorgan admits that this extreme weakness could be "a contrarian bullish signal" for the future. Historically, when miners are at their worst, the market tends to be near the bottom of the cycle. Drops in difficulty reduce the supply of new BTC, and the most efficient miners survive, strengthening the network.

🧠 What to do?

· Short term: Pressure will continue until BTC breaks above $78,000.
· Long term: Moments of maximum miner capitulation have historically been the best entry points.

Are we at the market bottom or is this just the beginning?

👇

#Bitcoin #MineriaBitcoin #BTC #Capitulación $RE