I'm monitoring the situation of BTC miners and it seems like we're close to the end of one of the biggest capitulations we've seen in this sector. Many people have been leaving mining in recent months, machines being turned off, mining code being optimized or abandoned by smaller operations that can't compete.

When I see these waves of capitulation, it’s usually a sign that the bottom is near. Miners are generally the last to exit because they need to cover operational costs. If even they are leaving en masse, it means margins are really tight.

The interesting thing is that during these phases, the mining code and infrastructure don't disappear — they just become more concentrated in the hands of those with enough capital to withstand the drought. And when the market turns, these large operations take the lead. The BTC price is around 73k right now, but the capitulation dynamics might be signaling that we're close to a turning point.

Several miners I follow are adjusting their mining code for maximum efficiency, trying to stretch as much as possible. Those who have the resilience to stay until the end of this phase could come out with good positions. At least, that's what the history of previous cycles shows us.