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The hash rate of the Bitcoin (BTC) network has fallen by 4% over the past 30 days, marking the sharpest drop in nearly two years.
At the same time, rising volatility and falling prices highlight the growing pressure among miners as profits decline. However, according to the investment management company VanEck, the capitulation of the miners may indicate a fund for the workers.
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Bitcoin mining power has decreased as weak prices and China’s blocks have affected the network
VanEck’s Bitcoin ChainCheck report published in mid-December 2025 highlighted that the 4% decrease in the network’s hash power was the largest since April 2024. This contraction comes amid… A tough month for BitcoinThe price fell by about 9%.
Additionally, volatility increased, pushing 30-day realized volatility above 45%, the highest level seen since April 2025.
“We typically expect the price to drop during large declines in the price of Bitcoin,” books Matthew Siegel and Patrick Bush.
Aside from the price pressures, Bitcoin’s hashrate has also been affected by developments in China. Last week, BeInCrypto reported that About 400,000 devices were forced offline in the Chinese province of Xinjiang.
The shutdown eliminated an estimated 1.3 gigawatts of capacity and had a significant impact on the grid. Computer power in China has decreased by about 100 exahashes per second in 24 hours.
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“This is likely due to the shift in power generation to AI demand and may take away up to 10% of the hashing power of the Bitcoin network,” the analysts noted.
At the same time, The mining economy is deteriorating Also because of Bitcoin price performance. According to VanEck, the break-even price of electricity has fallen on the Bitmain S19 XP miner From 2022 From $0.12 in December 2024 to $0.077 in mid-December 2025, a decrease of 36%. Siegel and Bush added:
“While the profitability of miners has been poor recently, many entities continue to mine despite the weak economic periods because they believe in the future of Bitcoin. To support the long-term hash rate of the Bitcoin network, we believe that 13 countries are mining with the support of their central governments.”
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Historical data indicates an upward shift
Despite the recent pressures, Van Eck noted that the hashrate may drop “Opposite Bullish Signal”. Based on data from 2014, the report found that Bitcoin future returns They tend to be stronger when the hash rate of the network decreases.
Bitcoin’s 90-day future returns were positive about 65% of the time when the hash rate fell during the previous 30 days, compared to 54% during high hash rate periods.
Also, the 180-day average future returns were slightly higher when the hash rate was falling, around 20.5%, compared to around 20.2% when it was rising. The pattern continues in the long run as well.
“In the 346 days since 2014, when the 90-day hash rate growth was negative, Bitcoin’s 180-day future returns were positive (77%) of the time, with an average return (+72%). The analysts revealed that Bitcoin’s 180-day future returns were positive (~61%) and average (+48%).
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Technical patterns support bottom formation
On the technical front, market watchers are also planning for possible signals of a bottom. Market analysts, including Ted Bellows, have identified 3-day bullish divergence for Bitcoina model that represented the lows of the market in its last appearance.
“Bitcoin’s 3D bullish divergence is now confirmed. When this happened the last two times, Bitcoin went up.” said blow
Whether Bitcoin will eventually see a new move higher remains uncertain. So far, the leading digital currency is still under pressure. Data from BeInCrypto Markets has shown Bitcoin was trading at $88,066 at press time, down 1.01% in the last 24 hours.
