The core of Bitcoin’s market structure is the miners’ beliefs. The logic is simple. When profitability comes under pressure, miners are usually the first group to capitulate.
as $BTC With declining health, shrinking revenues, and declining profit margins, inefficient miners may struggle to cover operating costs and be forced offline.
In particular, on-chain data suggests that pressure is building this cycle. As the graph below shows, Bitcoin’s hashrate has fallen by more than 25% since October 2025, marking one of the longest continuous drawdowns in history.
This suggests that a significant portion of mining capacity has left the network as economic conditions worsen.
It’s worth noting that pressure doesn’t just show up in hashrate.
Instead, Bitcoin ($BTC) Puell Multiple fell to 0.74 and miners’ revenue decreased by 11% over the past 10 days. This suggests that miner profitability is becoming increasingly compressed, with revenues currently well below historical averages.
From a technical perspective, this coincides with a nearly 20% correction from Bitcoin’s $75,000 peak and shows how recent drawdowns are starting to weigh on the miner economy.
Simply put, lower prices lead to lower revenues, increasing pressure on miners across the network.
Bitcoin miner pressure gradually increases
It may not be entirely premature to call Bitcoin’s recent decline a full-blown bear market.
Historically, major bear market phases have been accompanied by clear signals of capitulation as confidence begins to crumble across the network. The 2022 cycle is a textbook example.
Selling pressure intensified as miner capitulation accelerated, ultimately contributing to Bitcoin’s 65% drawdown.
In other words, miner stress went hand in hand, and miner capitulation became one of the clearest signals that the cycle had moved into a deeper bearish phase.
This cycle has also put pressure on miner profitability, and the strain is starting to show on-chain as well. Minor capitation index exceeded 65.
From a technical perspective, strong MCI readings indicate miner stress building up throughout the network.
In past cycles, similar spikes have often occurred before periods of captivity as rising costs and declining revenues begin to squeeze miners’ profitability.
Current market conditions appear to reflect similar trends, with Bitcoin’s hashrate continuing to decline and miner revenues down 11% over the past 10 days, indicating increasing pressure across the mining sector.
And while miner stress remains below 2022 levels, analysts say there is a clear upward trend. This suggests that the market is still weathering a period of minor stress, and it is difficult to see a definitive bottom for Bitcoin at this point.
Final summary
- As hashrates drop and mining revenues continue to decline, miner stress is increasing.
- Despite the pressure, miners have yet to show any signs of widespread capitulation.
