Bitcoin miners are experiencing mounting stress as the network's hashrate has declined by more than 25% since October 2025, marking one of the longest sustained drawdowns on record. This pressure stems from shrinking revenues and tighter profit margins, with miner revenues falling 11% over the past 10 days and Bitcoin's Puell Multiple dropping to 0.74. Miner capitulation has historically served as a key signal during bear market phases, with the 2022 cycle demonstrating how miner stress contributed to Bitcoin's 65% drawdown.
Bitcoin Hashrate Declines 25% Since October 2025
Bitcoin's hashrate has fallen by more than 25% since October 2025, representing one of the longest sustained drawdowns on record according to on-chain data. This decline indicates that a significant portion of mining capacity has exited the network as economic conditions have deteriorated.
The Puell Multiple has fallen to 0.74, while miner revenues have declined by 11% over the past 10 days. These metrics suggest miner profitability is becoming increasingly compressed, with revenues now sitting well below historical averages. Bitcoin's nearly 20% correction from its $75k peak has contributed to this pressure, as lower prices translate into lower revenues for miners across the network.
Miner Capitulation Index Climbs Above 65
The Miner Capitulation Index has climbed above 65 in the current cycle. In past cycles, similar spikes have often preceded periods of capitulation as rising costs and falling revenues squeezed miner profitability. The 2022 cycle serves as a historical reference point, during which miner capitulation accelerated and selling pressure intensified, ultimately contributing to Bitcoin's 65% drawdown.
Current market conditions reflect mounting pressure across the mining sector, with Bitcoin's hashrate continuing to decline and miner revenues dropping 11% over the past 10 days. Analysts note that miner stress remains below the levels seen in 2022, though it is clearly trending higher.
FAQ
What caused Bitcoin's hashrate to decline since October 2025?
Bitcoin's hashrate declined by more than 25% since October 2025 as economic conditions deteriorated for miners. Lower Bitcoin prices and tighter profit margins forced less-efficient miners offline as they struggled to cover operating costs, resulting in a significant portion of mining capacity exiting the network.
How does the current Miner Capitulation Index compare to 2022 levels?
The Miner Capitulation Index has climbed above 65 in the current cycle. Analysts note that miner stress remains below the levels seen in 2022, when miner capitulation contributed to Bitcoin's 65% drawdown, though current stress levels are clearly trending higher.
What revenue decline have Bitcoin miners experienced recently?
Bitcoin miner revenues have declined by 11% over the past 10 days. The Puell Multiple has fallen to 0.74, indicating that revenues are sitting well below historical averages as Bitcoin corrected nearly 20% from its $75k peak.
