The Bitcoin miner capitulation following the April halving event remains a closely watched development. On-chain data reveals that Bitcoin's hash price has hit an all-time low, leading many mining companies to slow down investments in new rigs.

Miners Seek Refuge in Alternative PoW Coins

CryptoQuant CEO Ki Young Ju reported that Bitcoin's hash price has reached a record low, prompting several mining firms to hedge against market uncertainty by exploring other Proof-of-Work (PoW) cryptocurrencies. Top players like Marathon Digital have already started mining coins like Kaspa.

However, Ju clarified that this shift doesn't signal the end of the current cycle, as miners remain bullish on Bitcoin in the long run and are simply waiting for improved market liquidity.

Potential for Further Bitcoin Price Decline

According to QCP Capital, the $58,000-$60,000 range has provided robust support for Bitcoin throughout the second quarter. But the market continues to face selling pressure from governments and the anticipated release of Mt. Gox's Bitcoin holdings.

QCP Capital believes Bitcoin could see further downside to $50,000, where it may attract renewed interest from traditional financial institutions.

Miner Profitability Mirrors 2022 Lows

CryptoQuant's data shows that Bitcoin miners are currently experiencing a significant decline in profitability, similar to the 7.6% drawdown seen in December 2022 - a period that marked the cycle's bottom after the FTX collapse.