At the core of Bitcoin’s market structure is the belief of miners. The logic is simple: miners are typically the first cohort to capitulate when profitability comes under pressure.
As BTC weakens, shrinking revenues and tighter margins could force less efficient miners offline as they struggle to cover operating costs.
In particular, data on the chain suggests that pressure has built up this cycle. As the chart below shows, Bitcoin’s hashrate has fallen by more than 25% since October 2025, which is one of the longest sustained declines on record.
This suggests that a significant portion of mining capacity has left the network as economic conditions have deteriorated.
It is striking that the pressure is not only expressed in hashrate.
Bitcoin instead [BTC] Puell Multiple has fallen to 0.74, while miner revenues have fallen 11% over the past ten days. This suggests that miners’ profitability is coming under increasing pressure, with revenues now well below historical averages.
From a technical perspective, this equates to Bitcoin’s nearly 20% correction from its $75,000 peak, showing how the recent downturn is starting to weigh on the mining economy.
Simply put, lower prices translate into lower revenues, increasing pressure on miners across the network.
A gradual build-up of pressure from Bitcoin miners
It may not be entirely premature to call Bitcoin’s recent sell-off a full-fledged bear market.
Historically, major bear market phases have been accompanied by clear capitulation signals, as belief across the network began to crumble. The 2022 cycle is a textbook example.
As miner capitulation accelerated, selling pressure intensified, ultimately contributing to Bitcoin’s 65% decline.
In other words, miner stress went hand in hand, making miners’ capitulation one of the clearest signals that the cycle had shifted into a deeper bearish phase.
In this cycle, miners’ profitability has also come under pressure, and the pressure is starting to become visible in the chain. The Miner Capitulation Index has risen above 65.
From a technical perspective, a strong MCI value indicates that miner stress is increasing across the network.
In previous cycles, similar spikes often preceded periods of capitulation, as rising costs and falling revenues began to squeeze miners’ profitability.
Current market conditions appear to reflect a similar trend, with Bitcoin’s hashrate continuing to decline and miner revenues down 11% over the past ten days, indicating increasing pressure in the mining sector.
And while analysts Note that miner stress is still below 2022 levels, but the trend is clearly higher. That suggests the market is still going through a period of miner stress, making a definitive Bitcoin bottom difficult to confirm for now.
Final summary
- Stress among miners is increasing as hashrate drops and mining revenues continue to decline.
- Despite the pressure, the miners show no signs of widespread capitulation.