Bitcoin ($BTC) has lost nearly half its value from its October 2025 peak, but the network’s mining power has declined much less sharply. According to Bitcoin analyst Axel Adler Jr., miners are facing tighter economics as transaction fees contribute almost nothing to revenue, yet the hashrate decline remains controlled rather than showing signs of major capitulation.
Bitcoin Price Falls, Hashrate Holds Up
$BTC fell from around $124,700 in early October 2025 to approximately $63,400 on August 12, 2026, marking a 49% decline. Over the same period, the 7-day average Bitcoin hashrate dropped from roughly 1,150 EH/s to 886 EH/s, a decline of 23%.
Bitcoin is down 49% from its October peak. Hashrate is down only 23%.
Fees account for just 0.71% of miner revenue – nearly the same as in December 2015. Mining economics are contracting, but there is no capitulation yet.
Why the network is holding up – in Morning Brief #234 👇… pic.twitter.com/UDyzgdaZ14
— Axel 💎🙌 Adler Jr (@AxelAdlerJr) August 13, 2026
The gap is major. Mining infrastructure has absorbed the downturn better than Bitcoin’s price. While lower prices have reduced miners’ dollar-denominated revenue and squeezed less-efficient operators, the network has not experienced a sharp collapse in computing power.
Miner Fees Fall to 2015 Levels
- Bitcoin transaction fees are very low, making up just 0.71% of miner revenue.
- This is similar to December 2015, when fees made up 0.69% of miner revenue.
- Low fees suggest weak demand for Bitcoin block space.
- Since mid-2025, fees have stayed around or below 1% of miner revenue.
- Miners currently depend heavily on the block reward rather than transaction fees.
- In 2015, miners received 25 $BTC per block, compared with just 3.125 $BTC today.
- So, the comparison with 2015 is about the revenue structure, not Bitcoin’s overall mining economics or network demand.
Mining Sector Is Adjusting, Not Collapsing
Despite weaker profitability, hashrate has recently remained around 900 EH/s, with occasional rebounds after falling from its October peak. This suggests miners are gradually adjusting operations instead of exiting the network at an accelerating pace.
A sharper decline in hashrate would indicate that more inefficient miners are being forced offline. Meanwhile, a sustained increase in fee revenue above 1% would signal stronger demand for blockspace and improving mining economics.
What Comes Next for Bitcoin Miners?
For now, Bitcoin mining appears to be undergoing a controlled adjustment rather than a full capitulation. Bitcoin is trading about 49% below its October peak, while fees contribute less than 1% of miner revenue, yet nearly 900 EH/s of computing power remains active.
The clear signs ahead will be whether hashrate begins falling rapidly or stabilizes and recovers, and whether transaction fees can regain a meaningful share of miner income.