Bitcoin’s hashrate is down ~40% from its all-time high
This marks the largest miner capitulation since 2021.
Mining has become unprofitable for a large portion of the network
Many miners are shutting down equipment
Even falling energy prices are not enough to save margins
This is not fear — this is economic pressure.
Why this matters?
Miners are the backbone of the Bitcoin network.
When they are forced to exit:
Weak players are flushed out
The network resets and becomes healthier
Selling pressure from miners eventually dries up
Historically, miner capitulation happens near cycle lows, not at the beginning of bear markets.
If we take a look in longer perspective
Some large mining companies will exit crypto entirely
Capital and infrastructure will move toward AI, data centers, and energy-related industries
Bitcoin mining is becoming a survival game, not an easy business.
Extreme miner stress is usually bullish long-term.
📉 Pain for miners
📈 Opportunity for long-term investors $BTC
