Bitcoin (BTC) miners are expanding their capacity again as the network hash rate reached a fresh all-time high this week following a capitulation event. The network hash rate set a new record of 627 exahash per second on Tuesday. Such expansion comes despite a recent drop in bitcoin prices and record-low hash price. Bitcoin daily miner outflows spiked to 19K BTC on August 5, the highest level since March 18. This came as bitcoin’s price touched $49,000, suggesting miners sold off to cover costs as profit margins tightened. A miner capitulation event is typically seen near local bottoms for Bitcoin prices during bull markets.

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