In the wake of recent market downturns, Bitcoin (BTC) miners are diversifying their operations by mining alternative cryptocurrencies, as noted by CryptoQuant’s CEO, Ki Young Ju. With the hashprice of Bitcoin plummeting to unprecedented lows, mining entities are experiencing a deceleration in investment flows, leading them to explore more cost-effective proof-of-work (PoW) currencies temporarily.

The term ‘hashprice’ denotes the daily expected earnings from 1 TH/s of hashing power, providing miners with a benchmark for potential revenue based on their hashrate. Ju observes, “The all-time low in Bitcoin hashprice has prompted a cautious approach among mining firms. Investment in mining apparatus has diminished, with a shift towards other PoW coins as a strategic defense against the current market volatility. This is not indicative of a market cycle conclusion. Rather, it’s a tactical pause as they await the resurgence of buy-side liquidity.”

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**Source: Ki Young Ju/X**

Ju also acknowledges that this shift may signal a surrender among miners, often seen as a precursor to a Bitcoin bull run. Presently, BTC is valued at $60,681.

Ju has also highlighted a noteworthy trend in Ethereum (ETH), where the Market Value to Realized Value (MVRV) ratio is hinting at the onset of an ‘altseason.’ The MVRV ratio compares a cryptocurrency’s market capitalization with its realized capitalization—the aggregate value of all ETH at their purchase prices—to gauge whether the asset is undervalued or overvalued.

“The early stages of an altcoin season are upon us,” Ju remarks. “The ETH MVRV is outpacing the BTC MVRV, indicating a warming ETH market in comparison to its on-chain metrics. Considering the current ETF dynamics, we might be witnessing an ETH-centric season. Historically, a surge in ETH often leads to a ripple effect across other altcoins.”

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**Source: Ki Young Ju/X**

ETH’s current trading price stands at $3,360.

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