Are Miners Waiting for Bitcoin to Hit Breakeven Point?

Johnson Xu is the Chief Analyst at TokenInsight, a token data and rating agency.
_____

The sharp market downturn in mid-March 2020 forced some Bitcoin (BTC) miners to switch off their mining rigs. As a result, the Bitcoin network hash rate plummeted to ~75.8 EH/s. After reaching its lowest recent point, down from its all-time high of ~136 EH/s, the network hash rate is currently hovering at ~100 EH/s.

Consequently, we have seen a fall of almost 16% in mining difficulty, resulting in the second-largest drop in history.
As the price plummeted yet lower, the network has seen a surge on its mean block interval from roughly 10 minutes per block to 15 minutes per block before the scheduled network adjustment kicks in.

Miners are now #HODLing bitcoin in the short term

The MRI (miner’s rolling inventory) provides valuable insights into how miners perceive the market.
Prior to the market downturn (March 11, 2020), the MRI reflected the fact miners appeared…