This doesnāt seem good if price is down and fees are low will we have miner capitulation?
nostr:note15n35ymt5wukwh80kahjg0n3fujupkhs73e6z08ph387wclhu3gfq2g7v66
Discussion
we already do. miners are going offline.
but difficulty will just adjust down š¤·
Correct.
I was more referring to if block subsidy plus fees donāt cover operating costs miners are forced to sell coins to pay expenses. Which could worsen the already bearish price action.
i have not researched this in detail but my intuition is that the largest cost to miners is electricity so by simply switching off they can essentially āhibernateā until price recovers.
hodl miners iād also assume have diamond hands and margin miners sell constantly anyway.
itās also quite evident from the bart linechart that (leveraged) trade ($45B trading volume) dictates price movement currently which exceeds volume by miner sales ($36M mined per day) by 3 orders of magnitude.
they will eventually activate consensus changes to attract more fee revenue, or they will go out of business