Bitcoin Miners Completely Unfazed by Price Drop

Bitcoin is not seeing capitulation among miners despite its price dipping over 15% in the past week, new data suggests.

According to estimates of Bitcoin's hash rate from monitoring resource Coin Dance, participation remains as strong now as before the price drop.

Previously, Cointelegraph reported on the rising consensus that Bitcoin miners were exiting their positions as losses mounted.

Taking an opposing position based on the fresh data, entrepreneur Alistair Milne suggested miners were in fact little concerned with current price action.

"There is NO miner capitulation," he summarized in a tweet on Sunday.

The difficulty is a measure of the effort required to solve Bitcoin block equations and regularly adjusts to suit current miner sentiment.

Earlier this month, difficulty saw its biggest drop of the year, falling 7%. Since then, a roughly 2% uptick likewise contradicts the idea that miners are staying away, according to Blockchain figures.

For analyst PlanB, creator of the highly-popular Stock-to-Flow Bitcoin price model, difficulty trends also point to continued faith in mining profitability.

"+2% difficulty adjustment: no miner capitulation," he wrote on Friday, adding the historical precedent called for a price rise after such behavior.

Unlike difficulty, the hash rate is difficult to estimate beyond a limited degree of accuracy, and should not be taken as a definitive guide to miner involvement.