Bitcoin Price Slumps 49%, But Miner Hashrate Holds Firm

Bitcoin (BTC) has seen its price plummet by nearly half since October 2025, dropping from around $124,700 to approximately $63,400 on August 12, 2026. This decline represents a 49% drop in value over the same period.

However, despite this significant decrease in price, the network's mining power has not experienced a sharp collapse. According to Bitcoin analyst Axel Adler Jr., miners are facing tighter economics due to low transaction fees, which contribute less than 1% of miner revenue. This is similar to December 2015, when fees made up 0.69% of miner revenue.

Miners currently rely heavily on the block reward rather than transaction fees, with a significantly lower reward today compared to 2015. The mining sector appears to be adjusting operations instead of exiting the network at an accelerating pace.