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⛏️ $BTC MINERS ARE UNDER PRESSURE — BUT IS THIS REALLY CAPITULATION? Bitcoin miner fee revenue has fallen to just 0.71%, close to the historical low of 0.69% seen in December 2015. But the comparison isn’t straightforward. BTC was only around $394 back then, while today’s block reward has fallen from 25 BTC to just 3.125 BTC. Meanwhile, Bitcoin’s 7-day average hashrate has dropped roughly 23%, from about 1,150 EH/s in October 2025 to around 886 EH/s. BTC also fell from roughly $124,700 to $63,400 during the same period. Since mid-2025, transaction fees have mostly remained around or below 1%, suggesting relatively weak on-chain demand and limited competition for block space. Miners are therefore relying heavily on block subsidies. Still, I wouldn’t call this miner capitulation yet. During low-profit periods, shutting down inefficient machines and cutting operating costs is normal. The real signal to watch is whether: 📈 Fee revenue rises back above 1% and stays there ⚡ Hashrate begins recovering 🔄 On-chain activity strengthens If those three things happen together, it would be a much stronger indication that Bitcoin demand and miner confidence are returning. $BTC #CPIPPIEaseFedSplit #SP500Nears8000 #SandiskLongTermTargets