Bitcoin miners are sending a signal that suggests they have reached the point of capitulation, raising hope among beleaguered cryptocurrency enthusiasts that the digital asset market collapse may be coming to an end.
Mining difficulty, a measure of the total amount of computing power dedicated to minting the tokens, fallen by 7.3% during the most recent two-week period ending Monday. That's the biggest drop since July 2021, shortly after China banned the process, forcing operations in the nation to shut down computing facilities.
