The recent Bitcoin halving event on April 19th 2024 has led to signs of miner capitulation in the Bitcoin network, with miners turning off inefficient equipment and selling their BTC holdings as daily miner outflows declined to $29 million from a previous high of $79 million.

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Bitcoin’s latest halving event, on April 19th, reduced miner compensation for mining new blocks by half. Since then, the Bitcoin network has shown signs of miner capitulation, according to CryptoQuant. Miners began to turn off inefficient mining equipment and sell their BTC.

CryptoQuant data revealed that the daily miner outflows declined to $29 million from a high of $79 million recorded on the 6th of March