Even though the ongoing bear market has been one of the shallowest historic drawdowns, miners have not been spared from a brutal year of business. Lawsuits, executive departures, rumored and actual bankruptcies and other symptoms showcase the pain shouldered by miners.

Luckily, a variety of market data suggests that the “capitulation” phase, which can often occur very near to the bottom, may have already happened. In financial markets, the idea of capitulation refers to an acute and often dramatic crescendo of fear or widespread surrender by investors or businesses in the throes of depressed market conditions. For mining, this basically means miners were squeezed out of the market because the economics became so bad.
 

Five indicators point toward capitulation in the rearview mirror:

• Miner Bitcoin balances are rebounding.

• Miner Bitcoin outflows spiked, then fell.

• Miners already tried selling everything.

• Wall Street analysts pivoted.

• Hashrate is noticeably declining.

Learn more: Foundry Academy

CNN / BlockFi files for bankruptcy as FTX contagion grips crypto markets

Financial Review / Bitcoin miner Iris Energy faces possible class action

Hut 8  /  Hut 8 announces requested mediation proceedings with Validus Power

It's brutal for miners, which means its busy season for bankers and investment types on the look out for solid miners and operators needing a little capital assistance. Listen to Glyn Jones of Icebreaker Finance detail what capital markets are looking for.

Check out our newest facility, Texas 4, in this short video! Supplied by 87 MW of renewable energy, Texas 4 powers 27 MW of Compass Mining Antminers!

*As of Tuesday, November 29