Bitcoin miners remain under heavy pressure as weak transaction-fee income, a sharp drop in BTC and rising production costs compress profitability, although the latest network data do not yet point to a full industry capitulation. Axel Adler Jr. said Bitcoin had fallen 49% to $63,400 from its $124,700 peak in October 2025, while the seven-day moving average hash rate was down 23% to 886 EH/s from 1,150 EH/s. He said the 30-day moving average share of transaction fees in mining revenue had slipped to 0.71%, a level last seen in December 2015, while earlier updates in this topic cited point-in-time readings as low as 0.52% in late December 2025. Checkonchain has estimated that producing one Bitcoin cost $78,254 on average, almost 23% above spot, and other analysts have linked the hash-rate slowdown partly to miners shifting toward AI and HPC, but Adler said the sector appears to be adapting rather than shutting down, with recovery requiring fee share to hold above 1% and hash rate to rise again.