Behind the 30% Hashrate Crash: An On-Chain Data Guide to Verifying Bitcoin Miner Capitulation
Dec 24, 2025 · 5 min read · When Bitcoin’s global hashrate curve turned downward in early 2025, market interpretation instantly split into two extremes. On one side, media outlets amplified narratives of a “mining winter” and widespread “capitulation.” On the other, institution...
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