Bitcoin Price Crashes 49%, but Miners Stay Online

Bitcoin has experienced a significant decline in value since its peak in October 2025, falling by nearly half to around $63,400 on August 12, 2026. However, despite this drop, the network's mining power has declined relatively less sharply, with a 23% reduction in hashrate over the same period.

The decline in hashrate is notable because it suggests that miners are not yet experiencing major capitulation, as Axel Adler Jr., a Bitcoin analyst, pointed out. According to Adler, miners are facing tighter economics due to low transaction fees, which contribute less than 1% of miner revenue. In fact, fees have remained around or below 1% since mid-2025, similar to the levels seen in December 2015.

The comparison with 2015 is not about Bitcoin's overall mining economics or network demand but rather about the revenue structure. At that time, miners received 25 BTC per block, compared to just 3.125 BTC today. Despite weaker profitability, hashrate has recently remained around 900 EH/s, with occasional rebounds after falling from its October peak.