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Bitcoin Miner Capitulation Reaches Black Thursday Levels, Is A Severe Selloff Looming

Bitcoin continue to consolidate above $9,000 but has repeatedly failed to break above $10,000. The lower the asset’s value gets, the more it falls below the cost of production for many miners.

A key metric measuring the impact price action has on miner operations, is signaling that more miners are capitulating during the current price action than during Black Thursday. If prices continue to decline, what might this mean for miners powering the Bitcoin protocol?