Bitcoin Price Plunge Doesn't Spark Miner Capitulation
Bitcoin's price has dropped by nearly half since its peak in October 2025, falling from around $124,700 to approximately $63,400 on August 12, 2026. Despite this decline, the network's mining power has only decreased by 23%, suggesting that miners are not yet experiencing major capitulation.
According to Bitcoin analyst Axel Adler Jr., miners are facing tighter economics due to low transaction fees. Fees currently account for just 0.71% of miner revenue, which is similar to December 2015 levels when fees made up 0.69% of miner revenue.
The comparison with 2015 is significant because it highlights the shift in revenue structure, not overall mining economics or network demand. Miners now depend heavily on block rewards rather than transaction fees, with each block currently yielding just 3.125 BTC compared to 25 BTC in 2015.