Bitcoin mining strain intensifies in 2026 as hashrate slides and revenues weaken

Bitcoin's market structure often hinges on miners' ability to stay profitable. When margins tighten, miners are typically among the first to capitulate, especially as weaker prices reduce revenue and push higher-cost operators toward shutting down. On-chain signals indicate stress has been building this cycle. Bitcoin's hashrate has fallen more than 25% since October 2025, one of the longest sustained drawdowns on record, pointing to a meaningful share of mining capacity leaving the network as conditions deteriorate. Source: Bitcoin Magazine The pressure is also visible in profitability metrics. Bitcoin's Puell Multiple has dropped to 0.74, and miner revenues are down 11% over the past 10 days, putting income well below historical averages. This coincides with Bitcoin's nearly 20% pullback from its $75,000 peak, reinforcing how the recent correction is weighing on mining economics. A gradual build in capitulation risk Labeling the latest selloff a full bear market may be too early, but past cycles show that deeper bearish phases often feature clear miner capitulation. The 2022 cycle offered a template: accelerating miner stress and selling pressure accompanied a roughly 65% drawdown. This time, strain is again showing up on-chain. The Miner Capitulation Index has risen above 65. Source: CryptoQuant Historically, elevated readings have tended to precede capitulation episodes as rising costs and falling revenues squeeze profitability. Current conditions align with that pattern: hashrate continues to decline, and miner revenues have fallen 11% over the past 10 days. Analysts note that stress remains below 2022 extremes, but the trend is moving higher, leaving a decisive Bitcoin bottom difficult to confirm. Final take Miner stress is increasing as hashrate drops and revenues slide, but broad-based capitulation has not yet appeared.