Analysts have reported the end of the capitulation phase among miners

The Hash Ribbons indicator signaled the end of capitulation among Bitcoin miners, indicating a decrease in selling pressure from their side on the market. This was stated by CryptoQuant.

The metric tracks the 30-day and 60-day moving averages of the hashrate to identify periods of financial stress among Bitcoin miners.

Experts noted that the crossing of these two indicators, for the first time since the April halving, is a "positive signal."

They also highlighted that Bitcoin's hashrate reached a new all-time high of 638 EH/s. According to analysts, this indicates that miners are transitioning to more efficient equipment, which they are connecting to the network.

According to Glassnode, on July 27, the 7-day average computational power (7 DMA) reached a record level of 669.9 EH/s.

In early August, the hashrate corrected to around 611 EH/s and had not yet recovered to its previous record levels at the time of writing.

The drop in Bitcoin's price below $50,000 led to a fall in hash price to a record low of $36 per PH/s per day. BlocksBridge Consulting stated that the profitability of digital gold mining is at a critically low level.