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$BTC miners are starting to feel the pressure. The share of Bitcoin miner revenue coming from transaction fees has fallen to just 0.71%, almost matching the historical low of 0.69% recorded in December 2015. But there’s an important difference. Back then, Bitcoin was trading around $394, and the block subsidy was 25 BTC. Today, the block reward is only 3.125 $BTC . So comparing the fee ratio alone can be misleading. What’s more interesting is the network hashrate. The 7-day average BTC hashrate has fallen roughly 23%, from a peak near 1,150 EH/s in October 2025 to around 886 EH/s. During the same period, $BTC dropped from approximately $124,700 to $63,400, almost a 50% decline. And since mid-2025, transaction fees have largely remained around or below 1%. That suggests on-chain activity and competition for block space remain relatively weak, leaving miners heavily dependent on block subsidies. Still, I wouldn’t call this a “miner capitulation” just yet. During periods of lower profitability, shutting down inefficient machines, reducing operating costs, and optimizing mining fleets is completely normal. The more important question isn’t: “How much did hashrate fall today?” It’s whether we eventually see: 📈 Fee revenue reclaim and sustainably hold above 1% 📈 Network hashrate begin recovering 📈 On-chain demand strengthen 📈 Miner confidence improve If those conditions start appearing together, that would be a much stronger signal that Bitcoin’s underlying network demand and miner economics are recovering. For now, this looks more like miner margin pressure and optimization—not surrender. $BTC #CPIPPIEaseFedSplit #SP500Nears8000