Bitcoin (BTC) miners are reportedly diversifying their mining operations to other cryptocurrencies in order to mitigate the impact of the recent price downturn. According to Ki Young Ju, the CEO of CryptoQuant, Bitcoin’s hashprice, which measures the expected value of 1 TH/s of hashing power per day, has reached an all-time low. This has caused some mining companies to slow down their investments in mining rigs and seek alternative proof-of-work (PoW) coins to mine for the time being.

Ju believes that this move by miners does not indicate a long-term bearish sentiment, but rather a temporary hedge against market uncertainty. He suggests that miners are waiting for buy-side liquidity to recover before returning their focus to Bitcoin mining. Ju also acknowledges that this trend of diversification among miners is usually seen as a precursor to a bull run in the Bitcoin market.

As of now, BTC is trading at $60,681. Recently, Ju pointed out that Ethereum’s (ETH) Market Value to Realized Value (MVRV) indicator is signaling the start of an altcoin season. The MVRV indicator compares the market capitalization of a crypto asset, such as Ethereum, to its realized capitalization. Ju notes that the rising ETH MVRV suggests that the Ethereum market is heating up relative to its on-chain fundamentals. He speculates that this could lead to a season dominated by Ethereum, with other altcoins following suit.

At the time of writing, ETH is trading at $3,360. It’s important to note that the opinions expressed in this article are not investment advice, and investors should conduct their own research before making any high-risk investments in Bitcoin, cryptocurrencies, or digital assets.