TechFlow news, December 23 — According to Cointelegraph, VanEck analysts pointed out that Bitcoin's hashrate dropped by 4% over the month ending December 15, which could be a positive signal, as miner capitulation has historically been a "bullish contrarian indicator."
VanEck research shows that since 2014, when network hashrate declined in the prior 30 days, Bitcoin had a 65% chance of positive returns after 90 days, compared to 54% when hashrate increased. This trend is even more pronounced over longer periods: after a 90-day negative hashrate growth, Bitcoin had a 77% probability of positive 180-day returns, with average gains reaching 72%.
Analysts said the recent hashrate decline may stem from the shutdown of approximately 1.3 gigawatts of mining capacity in China, with some of this capacity possibly shifting toward artificial intelligence demand, potentially leading to a 10% reduction in Bitcoin's hashrate.
