Bitcoin Miners Defy Price Drop with Limited Hash Rate Decline

Bitcoin miners are showing resilience in the face of a nearly 50% drop in price from its October peak, according to on-chain analyst Axel Adler Jr. Despite the significant decline, the hash rate has only fallen by 23%, indicating that miners are not shutting down operations en masse.

The seven-day moving average hash rate dropped to 886 EH/s from a peak of 1,150 EH/s, while Bitcoin's price fell to around $63,400 from its October high of $124,700. This divergence in price and hash rate suggests that miners are adapting to lower profitability rather than capitulating.

The share of transaction fees in mining revenue has also declined to 0.71%, a level not seen since December 2015. However, the gradual decline in hash rate is a sign that the sector is still adjusting rather than experiencing a sharp shutdown.