Recently, I noticed an interesting signal from Bitcoin mining hash rate. Some analysts say that the worst phase of the 50% decline may have already passed, similar to the conditions in December 2022 when Bitcoin's price briefly touched $15,500. This pattern is now appearing again.

So here's the thing, miners usually surrender when mining revenue is lower than operational costs. They are forced to shut down machines and sell their Bitcoin stock to pay for electricity. This is usually a signal that the bottom is near. History shows that about 20 miner surrenders have occurred since 2011, most of which coincided with local or major bottoms.

What’s interesting now is that the hash rate is starting to recover and miner confidence is returning. Bitcoin's current price is trading at $77,800, still below the estimated average production cost of around $66,000. This zone is typically considered deep value. So there’s a possibility that the recovery momentum has already begun, similar to the situation in November 2022.