Crypto Rover draws attention to a recurring tectonic moment in Bitcoin’s history. Miners are once again facing intense pressure at the end of a four-year cycle. Increasing difficulty, decreasing block rewards after the 2024 halving, and a sharp decline in BTC are combining to squeeze margins. This stage reflects the end of past cycles in which weaker miners succumbed to financial strain while stronger operators consolidated their market share.
Price drawdown and hash profits add pressure
Bitcoin has recently fallen about 35% from its October peak around $126,000 to the low $80,000 range. This decline has hit Bitcoin miners’ revenues directly. Hash prices have fallen by nearly 35%, pushing many businesses into unprofitable territory. Miners are now selling off reserves, shutting down inefficient drilling rigs, or exiting altogether to survive. This forced selling often amplifies short-term downward pressure, but removes excess leverage from the mining ecosystem.
BTC’s key indicators confirm a capitulation situation. The Puel Multiple has slipped into a historically depressed zone that previously signaled miner exhaustion. Hashrate growth slowed as margin players retired their machines. Difficulty adjustments reflect stress, not expansion. These signals historically appear near the cycle’s lows, not the highs. They suggest that miners endure maximum pain while long-term holders quietly accumulate.
History shows that surrender often precedes recovery.
Previous cycles followed a similar script. In 2012, 2016, and 2020, minor capitulations appeared near the end of each four-year rhythm. Each instance occurred before Bitcoin made a significant recovery within a few months. When inefficient miners exit, selling pressure weakens. As more powerful operators become dominant, the health of the network improves. Bitcoin then regains momentum as supply pressure eases and demand returns.
Macro condition determines bounce speed
Capacity alone does not guarantee immediate upside. Liquidity, interest rates and risk sentiment remain important. Tight financial conditions may delay recovery even if on-chain signals improve. However, the capitulation of miners strengthens Bitcoin’s structural foundations. This resets BTC’s cost base, removes weak hands, and prepares it for the next expansion phase when historically macro winds turn in its favor.
