Bitcoin Falls 49% From Peak, But Miners Show No Sign of Capitulation

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%.

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.