Bitcoin Miners Face Rising Pressure: Hashrate Falls 25% Since October 2025, Revenues Drop 11%

BTC0.67%
According to on-chain data, Bitcoin miners are experiencing increasing economic pressure as the network's hashrate has declined by more than 25% since October 2025, one of the longest sustained drawdowns on record. Miner revenues have fallen 11% over the past 10 days, while the Puell Multiple—a key indicator of mining profitability—has dropped to 0.74, well below historical averages. The Miner Capitulation Index has climbed above 65, signaling mounting stress across the mining sector. On-chain analytics from Bitcoin Magazine and CryptoQuant show that lower Bitcoin prices, with BTC correcting nearly 20% from its $75,000 peak, are directly compressing miner profit margins and forcing less-efficient mining operations offline.
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