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Bitcoin miners enter capitulation phase as mining difficulty drops over 20%

Bitcoin miners enter capitulation phase as mining difficulty drops over 20%

Galaxy Research said Bitcoin mining difficulty has fallen to 125T from a 156T peak in November 2025, marking the largest decline since China’s 2021 mining ban and signaling mounting pressure on miners.

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Fact Check
The original Galaxy Research X post (@glxyresearch, 2026-06-20) directly states Bitcoin miners are in capitulation, mining difficulty dropped >20% from its all-time high, and this is the biggest difficulty drop since the 2021 'China Ban' — fully matching the claim's core assertions. The specific 156T November 2025 peak is independently confirmed by CoinDesk and Reddit r/Bitcoin records; a 20%+ decline from 156T yields ~125T, consistent with the '125T from 156T' figures in the claim title. The only minor caveat is that the precise 125T/156T numbers appear in the aggregator framing rather than verbatim in the Galaxy post, but they are factually consistent with independent difficulty data.
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Summary

Bitcoin miners have entered a “capitulation phase,” Galaxy Research said, after mining difficulty fell about 19.9% from its 156T peak in November 2025 to 125T. The firm said the drop is the largest since China’s 2021 mining ban and points to rising profitability pressure that may be forcing some miners to shut down equipment or exit the network. In mining markets, lower difficulty typically reflects weaker competition after hash rate, the computing power securing Bitcoin, adjusts as less efficient operators pull back.

Terms & Concepts
  • mining difficulty: A measure of how hard it is for miners to validate new Bitcoin blocks.
  • hash rate: The total computing power securing the Bitcoin network.
  • capitulation phase: A period when market participants or operators exit after sustained financial pressure.