Bitcoin Price Plummets 49%, But Miners Refuse to Fold

Bitcoin's price has plummeted 49% from its peak in October 2025 to around $63,400 on August 12, 2026. However, miners have shown no signs of capitulation, with a relatively controlled decline in mining power.

The 7-day average Bitcoin hashrate dropped by just 23%, from approximately 1,150 EH/s to 886 EH/s, indicating that miners are adjusting their operations rather than exiting the network. Transaction fees now account for only 0.71% of miner revenue, similar to levels seen in December 2015.

This suggests that mining economics have contracted significantly, with miners heavily dependent on block rewards and facing tighter profit margins. A sharp drop in hashrate or a rise in transaction fees above 1% would be key indicators of mining health, network security, and broader crypto adoption.