Bitcoin Hashrate Plunges 15% Amid Prolonged Miner Capitulation Phase

The Bitcoin network hashrate has seen a significant 15% decline from its peak recorded in October 2024. This drop coincides with an extended period of miner capitulation, which has now persisted for nearly 60 days. The sustained pressure on mining profitability, driven by factors such as reduced block rewards and elevated operational costs, is forcing less efficient miners to power down their equipment. This phase of network adjustment is a critical indicator of stress within the mining sector. Historically, such periods of miner capitulation have often preceded potential market bottoms, as weaker participants exit, strengthening the network's overall health for the remaining operators. Analysts are closely monitoring the hashprice and miner revenue metrics for signs of stabilization.